Another criticism is that one of the hidden motives behind the new philanthropy is the self-interested desire to find new markets for products no longer being snapped up in the saturated West. The misconception of this motive is that it’s hidden.

In a recent issue of Time, Gates describes this new movement as ‘creative capitalism’, and suggests that a key reason to get involved is the potential for personal profits. He writes:

There are markets all over the world that businesses have missed; the poorest two-thirds of the world’s population have some $5 trillion in purchasing power … it would be a shame if we missed such opportunities.

A shame for whom? Gates would argue that it’s a shame for both investors and the poor they aim to help. Time will tell if the only real accomplishment of philanthrocapitalism is further to enrich the former.

If those on the left are wary of philanthrocapitalism, the right seems cautiously approving. Most remain staunchly confident that capitalism has something to offer HIV/AIDs orphans in Jakarta, but some, particularly in Britain, wonder if there couldn’t be more subtle ways of giving back than setting up eponymous foundations helmed by your in-laws.

Whether you’re feeling sceptical or charitable about their subject-matter, Bishop’s and Green’s book is the best overview so far of the new spirit of philanthropy.

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