NEWS RELEASE | America’s Health Conversion Foundations: A PtP Success Story

FOR IMMEDIATE RELEASE Contact: Chelsea Newhouse We are pleased to announce the release of an important new look at the performance of a set of U.S. PtP “health conversion foundations.” With government revenues powerfully constrained and COVID-highlighted massive social and economic problems calling out for solutions, pressures have mounted around the world to identify new sources of revenue with which to address these problems. Fortunately, one such source has recently been discovered. Known by the unlikely name of Philanthropication thru Privatization, or PtP for short, this source involves the creation of often quite enormous charitable foundations out of assets under the control of governments or quasi-governmental entities that are in process of being transformed into private, for-profit ownership or control or of being exacted from private sources as penalties or fines—and in both cases being channeled into private foundations. Over 650 such PtP foundations have so far been identified around the world drawing on assets as diverse as proceeds from the sale of state-owned enterprises, debt swaps, royalties from state-regulated industries, stolen assets, penalties for corporate misdeeds, auctions of spectrum frequencies, and the de-mutualization of nonprofits or cooperatives. But how effective has this option been? To shed additional light...

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NEWS RELEASE | To Close Digital Equity Gaps, U.S. Should Endow a Digital Futures Foundation from Proceeds of Spectrum Auctions—New America and Johns Hopkins Experts Propose Bold Fix for Digital Inclusion Gaps

April 5, 2021 FOR IMMEDIATE RELEASE     WASHINGTON, DC—Today, New America’s Open Technology Institute and the Johns Hopkins University Center for Civil Society Studies jointly released a proposal to invest a portion of the windfall proceeds from recent and anticipated auctions of public airwaves in a new private Digital Futures Foundation to develop improved digital applications that address digital equity gaps in education, telehealth, online government services, and other critical areas.   While President Biden’s infrastructure plan will usefully address the national need for universal access to affordable broadband connections, getting everyone online will not solve the equally critical challenge of improving the public-purpose applications and training needed to enable full digital inclusion.   According to Michael Calabrese, director of the Wireless Future Project at New America’s Open Technology Institute (OTI) and co-author of the proposal: “To reap the full benefits of the president’s proposed investments in universal broadband access, we need to address the serious gaps in the applications that actually provide the services that broadband can deliver and the training citizens need to access them. Auctions of the public airwaves are raising tens of billions of dollars that should be recycled back into technology investments aimed...

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PtP in the News: Boston Globe Op-Ed urges PtP solution to digital divide

In a new Op-Ed published yesterday in the Boston Globe, PtP Director Lester Salamon and Michael Calabrese, Director of the Wireless Future Project at New America, argue that a portion of the tens of billions of dollars being generated by the auction of government airwaves should go towards endowing a new PtP-inspired Digital Futures Foundation dedicated to underwriting innovations aimed at closing the gaping digital equity gaps revealed by the COVID-19 crisis.   A Concept Note providing further detail on this timely and important proposal will be available for distribution the week of March 8. Please contact us if you would like to receive a copy of this concept note, or if you are interested in helping us to pursue this option.     ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••   OPINION   To close digital equity gaps, US should endow a private Digital Futures Foundation   Auctions of government-owned airwaves produce a lot of revenue. A chunk of it should go toward closing digital equity gaps. By Lester Salamon and Michael Calabrese A high-stakes auction of government-owned airwaves to mobile broadband providers, completed last month in Washington, is set to drop a record windfall exceeding $80 billion into the US Treasury. Two additional...

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NEWS RELEASE | The World’s Third Largest Charitable Foundation—A byproduct of the PtP concept

FOR IMMEDIATE RELEASE Contact: Chelsea Newhouse We are pleased to announce the publication of an in-depth case study of the newest and largest foundation to emerge from the implementation of the PtP Concept—a recently discovered, but powerful, “third route” to the creation of significant, charitable endowments around the world through the capture of all or a portion of the proceeds of transactions involving the privatization of government-owned or -controlled assets. Prepared by Johns Hopkins University Professor and PtP Project Director Dr. Lester M. Salamon with the technical assistance of Dr. Juan-Cruz Alli-Turrillas, a noted authority on Spanish foundations and Professor at Spain’s National University of Distance Education (UNED), “Spain’s ‘la Caixa” Banking Foundation: A Global PtP Model” focuses on one of the largest charitable foundations in the world, with an estimated Gross Asset Value of €25.8 billion (roughly US$29 billion) at its founding, and annual philanthropic expenditures approaching €500 million. As this case study shows, this foundation emerged from the transformation during the 2009-12 global financial crisis of Spain’s network of trustee savings banks into for-profit banks, in the course of which the charitable arms and accumulated assets of the previous savings banks were transferred to free-standing, private charitable...

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PtP in the News: World Financial Review article on PtP and stolen assets

A new article focusing on PtP has been published in the latest edition of The World Financial Review. Noting that past experience with the return of stolen assets to governments has too often led to disappointing results, this brief piece, “Where Should All the Stolen Money Go?,” urges consideration instead of applying the Philanthropication thru Privatization, or PtP, concept, which calls for the placement of such assets into carefully structured, private charitable foundations as exemplified in the BOTA Foundation in Kazakhstan and many other foundations around the world.   This solution produces win-win benefits for countries and citizens alike, helps mobilize citizens for anti-corruption action, and ensures that preciously needed resources are used transparently and accountably to benefit citizens and not dumped into government coffers or returned to the corruption stream.   In this challenging time, when massive emergency funding from governments has intensified concerns about potential corruption, it is more important than ever to ensure that when corruption-generated resources are identified and returned they are truly dedicated to citizen needs. The PtP approach is a proven alternative for achieving this that has proven its value with respect to a wide assortment of assets that are “invisible in plain...

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PtP in the News: WINGS Philanthropy in Focus Blog Highlights PtP

A new article by Center Director Lester Salamon published on the WINGS Philanthropy in Focus blog introduces a promising new route to creating endowed charitable foundations through the process we have termed “Philanthropication thru Privatization,” or PtP for short. This process involves capturing for charitable endowments the proceeds of a host of non-traditional transactions under way around the world. These transactions involve assets that are “invisible in plain sight:” they are in the ground in the form of mineral deposits, in the air in the form of broadband spectrum auctions, in foreign banks in the form of stolen assets, and in legal cases imposing penalties for corporate misdeeds. The PtP Project has already identified well over 600 foundations around the world that have gained endowments from such transactions. This brief piece provides a concise overview of the PtP initiative, introduces the asset classes to which this concept has already been applied, and provides examples of the resulting foundations.   The PtP Project is actively involved in promoting the implementation of this concept in locales across the world and would be eager to learn of possibilities in other areas. Please contact us.   Please feel free to share this article...

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The PtP Beat Goes On: Number of PtP Foundations and Amount of Assets Continues to Grow

PtP: 635 foundations, $200 billion in assets and counting The PtP Project team is pleased pleased to let you know that the number of identified PtP foundations around the world has continued to expand, as has the amount of assets these foundations control.   During the past year, an additional 100 PtP foundations have come to light, representing $65 billion in assets and a nearly 20% jump in the identified number of foundations. Included here are: The Renova Foundation in Brazil, a US$7 billion foundation that got its assets from a penalty arising from an environmental disaster; The enormous US$25 billion “la Caixa” Foundation in Spain, created from the assets of a pre-existing cooperative savings bank that underwent a transformation into a for-profit company along with a network of similar Spanish savings banks in 2014; The US$1.2 billion Lumina Foundation in the United States, established with the assets resulting from the conversion of a nonprofit student loan guarantee organization into a for-profit business in 2000; The US$3.2 billion Mother Cabrini Health Foundation in the United States, established with the assets resulting from the sale of a nonprofit hospital by a for-profit hospital chain in 2018; and The Voqal Foundation,...

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The Contribution of Rotary International Volunteering

Rotary International is partnering with the Johns Hopkins University Center for Civil Society Studies to capture an accurate picture of the amount, character, and value of volunteer work activities that Rotary either sponsors or organizes. At the core of this effort is the development of a representative survey of more than 10,000 Rotarians to document the scale, activities, demographic, and geographic profile of Rotarian volunteers worldwide. This effort will thus demonstrate, in concrete terms, the important impact Rotary International’s 1.2 million members have worldwide, improve the effectiveness of Rotary International’s support for its members, and will serve as a model for other organizations.   The Johns Hopkins University Center for Civil Society Studies has been at the center of efforts to highlight the contributions volunteering makes to the world’s most pressing problems through improved measurements of the scale and value of this activity and brings considerable global experience and a worldwide reputation to the service of Rotary International. JHU/CCSS was the first to design and manage the assembly of data on the scope and value of volunteering in more than 45 countries. The methodology for this project was subsequently adopted by the United Nations Statistical Commission and the International...

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New Official Visibility for the Global Third Sector and Social Economy: A Major Statistical Breakthrough

Capping a three-year process, the United Nations has released a new statistical guidance document for nations to use to generate solid data on the world’s third, or social economy, sector—the TSE Sector.   Unknown by most observers, this sector—embracing nonprofit institutions, public-benefit oriented cooperatives and mutuals, social enterprises, philanthropy, and volunteer work—makes up the third largest workforce of any industry in Western Europe and the U.S.   In the developing world as well, these entities, and the volunteer effort they motivate, are widely regarded as crucial to the success of the 2030 Development Agenda.   To date, however, reliable data on these institutions and volunteer activities have been missing or obscured in official international statistical systems. The just-released United Nations Satellite Account on Nonprofit and Related Institutions and Volunteer Work (UN TSE Sector Handbook) now promises to remedy this problem and bring this TSE sector into systematic empirical view by equipping statistical agencies with comprehensive methodological guidance on its measurement.   This new Handbook, produced in collaboration with the Johns Hopkins Center for Civil Society Studies, revises an earlier UN Handbook on Nonprofit Institutions in the System of National Accounts and extends its coverage to all entities and activities...

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The PtP Beat Goes On: “How to Apply PtP to State-Owned Enterprises” by William L. Megginson and Lester M. Salamon

FOR IMMEDIATE RELEASE Contact: Chelsea Newhouse   Governments around the world have recently been involved in a significant new wave of privatizations-sales of state-owned enterprises to private companies. The 48-month period between January 2013 and December 2016 saw governments raise more money through privatization sales than during any comparable previous period. Yet three times worth of government enterprises than the $3.5 trillion sold since 1977 still remain in government hands, many of them awaiting sale.   What happens to the vast resources secured through such sales? Too often, it is difficult to determine. Stories of widespread corruption are rampant. Even when the proceeds are appropriately channeled into government budgets, however, their uses are hard to track. But these are the people’s assets, often the only real assets a population has. Surely a case can be made for handling them more responsibly and ensuring that citizens get a clearer benefit from their use. This is especially so given what is often the “upside-down” effects such asset sales can produce-yielding positive economic benefits for companies and citizens that are often long in coming and too dispersed to be clearly felt; while producing immediate harms in the form of lost jobs and...

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The PtP Beat Goes On: “How to Apply PtP to Stolen or Stranded Assets” by Aaron Bornstein and Lester M. Salamon

FOR IMMEDIATE RELEASE Contact: Chelsea Newhouse     According to a recent UN report, close to US$4 trillion is stolen from governments or generated by bribes or other forms of corruption each year in countries around the world—an annual sum well above the total budgets of numerous developing and transition country governments. Despite often heroic efforts, however, the record of successful discovery, confiscation, and effective return for social re-use of these vast assets has been frustratingly meager.   This limited success in returning such assets for effective social re-use is largely due to the complexity of the process. Also at work, however, is that so much of the attention has had to focus on the challenges of locating, documenting, freezing, and confiscating stolen assets that too little attention has been available to focus on the all-important question of what to do with these assets if and when they become available for potential return.   The document being released today by the PtP Project seeks to remedy this shortcoming by focusing on one of the most promising of the social re-use and return options available. This is the option exemplified by the case of the BOTA Foundation in Kazakhstan, and...

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Explaining Civil Society Development: What are the “Social Origins of Civil Society?”

As noted in a prior post, over the past 25 years, the Johns Hopkins Center for Civil Society Studies, working in cooperation with a broad team of local associates through the Johns Hopkins Comparative Nonprofit Sector Project, generated a powerful body of new systematic comparative data on the scope and structure of the nonprofit, or civil society, sector in more than 40 countries scattered widely around the world. Now, in a new book entitled Explaining Civil Society Development: A Social Origins Approach authors Lester M. Salamon, S. Wojciech Sokolowski, Megan A. Haddock and associates draw on this sizable body of new data to test a variety of theories about what causes a number of intriguing puzzles that this research surfaced.   Why is it, for example, that the paid workforce of the civil society sector in Belgium stands at a whopping 10% of the country’s effective workforce but only 2.5% in Sweden, even though these two countries are at roughly similar levels of development? Why does government account for 65% of nonprofit revenue in Germany and only 36% in nearby Italy? And how is it that the overall size and shape of the civil society sector in Mexico is...

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The PtP Beat Goes On: A New Cache of PtP Foundations

The recent identification of stolen or stranded assets as another asset class to which the PtP concept can be applied has surfaced a number of new PtP foundations. Already, the PtP Project has issued a case study focusing on one foundation that emerged from this asset class—Kazakhstan’s BOTA Foundation—which came into being out of the confiscated proceeds of a bribe paid to the then-president of this Central Asian country.   Now, however, a new route to the capture of significant resources from illegal activity has come into view: settlements from legal cases in which corporations have been charged with improper, illegal, or negligent behavior.   While such settlements often involve penalty payments to governments, the penalty payments are also often accompanied by settlements in which the offending company agrees to commit resources to help ameliorate a problem similar to one that its behavior helped to perpetuate. Thus, for example, to offset the damage done by the explosion of their Deepwater Horizon drilling rig in the Gulf of Mexico and the subsequent leak of millions of barrels of oil into the surrounding ecosystem, oil giant BP and its drilling partner, Transocean, were required to commit US$20.8 billion for reclamation and...

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Center Director Lester Salamon Discusses the Future and Role of Foundations in China

In January 2017, Center Director Lester Salamon visited Beijing at the invitation of the Asia Foundation Beijing Office to speak to foundation leaders and students at the China Foundation Centre (CFC), China Donor Roundtable (CDR), and the China Global Philanthropy Institute (CGPI) about key issues facing the foundation and nonprofit sectors in China. This visit came at a particularly important time for China’s philanthropic sector, which the International Center for Nonprofit Law describes as follows: “Civil society and its accompanying legal framework have become considerably more complex in China in recent years. The range of nonprofit, philanthropic and other social organizations has expanded rapidly, as have their fields of activity and their partnerships with the government and business sectors. CSOs of various kinds are moving gradually but steadily from the margins of society into the mainstream.”   In particular, two new laws—the Charity Law, which establishes a “comprehensive framework for revamping the government’s management of the social sector;” and the ONGO law, which governs foreign NGOs operating in China—have come into effect in the past year, presenting both new opportunities and new challenges for the civil society sector in China. Within this context, Dr. Salamon presented “Foundation Realities and Possibilities:...

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Now available from the PtP Project: New insights into applications of the PtP concept to different asset classes

The PtP Project is pleased to bring you a new report from Project Direct Dr. Lester Salamon from Project Director Dr. Lester Salamon highlighting new insights unveiled at a recent PtP Conference into how the PtP concept can be applied to a wide assortment of assets, including state-owned enterprises or facilities, debt swaps, proceeds from state-controlled gambling or mineral extraction enterprises, bribes, and the transformation of nonprofits or mutual societies into for-profit businesses.   This Conference, entitled “Philanthropication thru Privatization: The Take-Off Phase,” took place on November 3-4, 2016, at the Volkswagen Foundation’s Herrenhausen Palace Conference Center in Hanover, Germany, and assembled a diverse group of government, business, and civil society experts from countries as wide-ranging as China and Brazil, Pakistan and Poland, Italy and India, Spain and Tanzania to launch the take-off phase for the Philanthropication thru Privatization (PtP) Project—the new approach to building charitable assets from the proceeds of a variety of “privatization” transactions initially unveiled at a prior conference held in 2013.   Introducing this second PtP Conference, Dr. Wilhelm Krull, the Chairman of the PtP International Advisory Committee and General Secretary of the Volkswagen Foundation—itself a PtP foundation—noted that this concept, which was first introduced...

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NEWS RELEASE | The BOTA Foundation: A Model for the Safe Return of Stolen Assets?

FOR IMMEDIATE RELEASE Contact: Chelsea Newhouse     We are pleased to announce the publication of The BOTA Foundation: A Model for the Safe Return of Stolen Assets?, the first in a series of reports from the Philanthropication thru Privatization Project (PtP) examining important examples of significant charitable endowments that have resulted from the sale or other transformation of government-owned or -controlled assets.   Prepared by international development specialist Aaron Bornstein and edited with an Introduction by PtP Project Director and Johns Hopkins University Professor Dr. Lester M. Salamon, this report analyzes the major example to date of the application of the PtP concept to stolen or disputed assets: the case of the BOTA Foundation in Kazakhstan, which arose from the seizure of assets totaling US$84 million that an American citizen secured from U.S. oil companies in the 1990s and channeled to high level officials in the Government of Kazakhstan in order to secure oil drilling rights in the Caspian Sea.   As such, it profiles one of over 550 charitable foundations that have emerged from some type of transaction transforming a government-owned or government-controlled asset into a charitable foundation. In the process, it helps point the way to...

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Now Available: Portuguese translation of “Philanthropication thru Privatization” from IDIS

We are very happy to announce the publication of a Portuguese translation of Philanthropication thru Privatization: Building Permanent Endowments for the Common Good, Filantropização via Privatização: Garantindo Receitas Permanentes para o Bem Comum.   This translation was undertaken and published by Brazil’s IDIS–Instituto para o Desenvolvimento do Investimento Social with the guidance of Marcos Kisil, IDIS founder and a consultant for the PtP Project. In addition to the full text of the English version of the report, this new translation includes a forward by Mr. Kisil that sheds light on the history of privatization transactions in Brazil and the relevance of the PtP model for in that country going forward. Below, is an English translation of Mr. Kisil’s insightful forward.     ______________________________ Foreword to Filantropização via Privatização: Garantindo Receitas Permanentes para o Bem Comum:   The publication of the book Filantropização via Privatização, an IDIS initiative, is the result of the project directed by Professor Lester Salamon who explored the potential to create or strengthen the endowments of civil society organizations through the processes of privatization.   Endowments resulting from privatizations conducted by governments demonstrate that the assets do not belong only to the State, but also to...

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Japanese edition of Leverage for Good now available

The Center is pleased to announce that the Japanese translation of Director Lester Salamon’s recent book, Leverage for Good: An Introduction to the New Frontiers of Philanthropy and Social Investing (Oxford University Press, 2014), is now available from Minerva Publishing!   The Center is grateful to 2012-2013 International Fellow in Philanthropy Tatsusaki Kobayashi for his assistance and persistence in facilitating this translation and for his key recognition of the importance that the developments outlined in this book hold for the future of the philanthropic sector in Japan.   You can learn more about Leverage for Good and its companion volume, The New Frontiers of Philanthropy: A Guide to the New Tools and New Actors Reshaping Global Philanthropy and Social Investing (Oxford University Press, 2014), here.   Both volumes are also available for purchase in English in hard copy and e-book editions at Amazon and directly from Oxford University Press.     TABLE OF CONTENTS Leverage for Good: An Introduction to the New Frontiers of Philanthropy and Social Investing Introduction: The Revolution on the Frontiers of Philanthropy Scouting Philanthropy’s New Frontier I: The New Actors Scouting Philanthropy’s New Frontier II: The New Tools Why Now? Remaining Obstacles Prescription: The Way...

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Lester Salamon speaks to the UN Statistics Division on the revision of the UN NPI Handbook

Center Director Lester Salamon was invited by the United Nations Statistics Division to present the work our Center is doing to advance the international statistical revolution in the measurement and understanding of the third sector during a side event of the 47th session of the United Nations Statistical Commission titled “Measuring the Contribution of Non-profit Institutions, the Social Economy, and Volunteering to the Economy and Well-being” on March 8, 2016 in New York.   Dr. Salamon’s presentation focused on the underlying work and on-going revision of the United Nations’ Handbook on Nonprofit Institutions in the System of National Accounts (2003), developed by our Center in collaboration with the UN Statistics Division and an international team of experts. The NPI Handbook guides national statistics agencies in reporting – in collaboration with civil society partners – key data on the size, scope, activities, workforce (paid and volunteer), and financing of the nonprofit sector in their countries. This NPI Handbook thus overcomes the problem that national economic accounting structures currently often classify nonprofits as part of the government or business sectors making it difficult to account for the contributions the sector is making around the world.   The revision to the 2003...

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Meet Erik Petrovski, Fall 2015 International Philanthropy Fellow

The Johns Hopkins International Fellows in Philanthropy Program is a highly-selective program that welcomes one or two researchers from outside the U.S. to spend one or more semesters at our Center to conduct independent research on an aspect of the U.S. nonprofit, philanthropic, and voluntary sector. Since its inception in 1988, this program has included over 150 Fellows from more than 50 countries. We are pleased to introduce you to the newest member of our Fellows family, Erik Petrovski. Mr. Petrovski is a sociologist and Ph.D. Fellow at Roskilde University, Denmark. His research focus is on volunteering, charitable giving, and the economy of the nonprofit sector. At Johns Hopkins, Erik worked on a comparative analysis of national accounts data on the nonprofit sector.   ____________________________   Can you tell us a little bit about your background and research interests? Erik Petrovski (EP): I’m a sociologist by education and doing a Ph.D. at Roskilde University. My Ph.D. research is focused on understanding what affects the willingness to donate time and money to the nonprofit sector. My general approach to this question is methodologically based on econometric analysis and both sociological and microeconomic theory.   Why did you choose the JHU Philanthropy Fellows Program?...

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UN “Human Development Report” and OECD’s “How’s Life?” emphasize contribution of volunteering

Two major publications have made important recognition of the contribution of volunteering to well-being and human development and the need for improved information. The elevation of the recognition of the contributions of volunteers to this level of policy discussion, and the case that is made for the development of improved measures of volunteering, should be very heartening to volunteering and civil society advocates. Both publications clearly show how better measures of volunteering can lead to efforts to improve the enabling environment for volunteers. The task now for volunteering and civil society supporters is to take advantage of the opportunity these publications provide to escalate the development of data to additional countries and regions to ensure that the opportunities to engage in the policy discussion are available to all. Organisation for Economic Co-operation and Development (OECD) How’s Life? Report First, the OECD dedicated an entire chapter on volunteering How’s Life?, its biennial publication reporting on the data from its Better Life Index: “Good decisions about investments for the future rely, among other things, on having good data today. How’s Life?, first launched in 2011, is a pioneering report that summarizes an extensive range of well-being indicators, putting the latest information...

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Reflections on Volunteers, Civil Society, and the United Nations Sustainable Development Goals

In September, the United Nations will adopt the Sustainable Development Goals (SDGs), an overarching set of collective objectives for the development of people and the planet that will replace the expiring Millennium Development Goals (MDGs) on January 1, 2016. The SDGs For the next 15 years, the SDGs will drive the development agenda and will shape the way the United Nations, governments, development agencies, businesses, civil society (nonprofit) organizations, and volunteer groups engage in efforts to combat global poverty, income inequality, and environmental degradation.   But more than just replacing the MDGs with a new set of goals, targets and indicators, the SDGs promise a new way of doing business. There are three especially important differences to be aware of.   First, the SDGs recognize the inter-related nature of social, economic, and environmental development work and no longer keeps these work streams in separate silos.   Second, the SDGs recognize that development work is not something that is confined to developing countries. The SDGs are will only be considered achieved if they are achieved for all, and no one should be left behind. This means that developed countries have a responsibility to work inside their own borders just as...

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TSI Project: A statistical revolution in data on the third sector in Europe

The following is a news release from the Third Sector Impact project, a major effort underway in Europe to “understand the scope and scale of the third sector in Europe, its current and potential impact, and the barriers hindering the third sector to fully contribute to the continent’s welfare.” In his capacity as a Senior Research Professor at the Johns Hopkins University SAIS Bologna Centre, CCSS Director Lester Salamon leads the conceptualization and measurement components of this project in collaboration with Center Senior Research Associate Wojciech Sokolowski and an international team of experts.  __________________________________________ NEWS RELEASE: A central goal of the Third Sector Impact project is to institutionalize the capability of national statistical agencies to generate reliable empirical data on the third sector. After publishing a consensus definition of the third sector in Europe in December, an important prerequisite for statistical agencies to implement data gathering systems that capture third sector activity and impact, TSI and the Directorate General Research & Innovation of the European Commission now co-hosted the event “Putting the Third Sector on the Statistical Map of Europe.” Representatives of the European Economic and Social Council, the International Labour Organization, the directorates of the European Commission Education & Culture (EAC), Employment, Social Affairs...

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A Win-Win Route Out of the Greek Debt Crisis

A new article by Center Director Lester Salamon, published today in the May-June edition of The World Financial Review, takes a look at a novel solution to the on-going Greek debt crisis. Rooted in his work exploring a phenomenon he calls “Philanthropication thru Privatization,” this solution looks at a way that at least a portion of the staggering Greek debt might be transformed into an engine of economic development, and in turn, might help make it possible for Greece to eventually payoff the remaining portion of its debt – a possible win-win solution for both sides of the divide. Below is a brief excerpt from the article. Please click here to download the full article.     ______________________________ Excerpted from the May-June 2015 issue of The World Financial Review: Two things have become clear in the Greek debt crisis. First, Greece’s creditors cannot afford to allow Greece to default on its debt and withdraw from the Euro. But second, Greece cannot afford to fulfill its existing debt obligations. Yet, defaulting on the debt or requiring Greece to fulfill all the terms of its existing debt obligations appear to be the only two options Greece and its creditors, respectively, so...

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