The Lower East Side of Manhattan has a rich history of charitable organizations established during the Progressive era, such as University Settlement and Henry Street Settlement. These organizations provide essential services and support to the community amid rising poverty and income inequality, which has reached historical levels. Despite increased philanthropic efforts from billionaires and corporations, income inequality persists, raising questions about the effectiveness of charity in addressing deeper systemic issues. The article argues that charities often just mitigate harms caused by corporations, which externalize significant social costs.
"Corporations externalize trillions in costs to society and the planet. Nonprofits form to absorb those costs but have only a tiny portion of the profits that corporations were able to generate."
"Americans typically understand charities as organizations that pick up where government leaves off championing the poor and marginalized, but this framing is incomplete and misleading."
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