Read the full essay here.
This essay argues that philanthropy has made a fundamental error: It funds programs—education, health, climate—while neglecting the freedom that makes those gains durable. Of roughly US$900 billion in annual global giving, the authors note, less than one percent flows to freedom, democracy, and civil liberties; education alone receives more than twenty-five times as much, and even animal welfare attracts more than civil liberties do. The essay reframes this not as a moral shortfall but as a market failure—freedom has been mispriced, treated as a moral preference rather than the productive infrastructure on which every other cause depends. The essay proposes treating freedom as an asset class, with tools to target risk, measure returns (“Freedom Alpha”), and allocate capital across regime types. Raising freedom funding to ten percent of giving over the next decade, the authors conclude, is not idealism but an overdue market correction—and it is up to funders to act.
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