Effective Altruism - Will Alleged Bad Apples Derail Concept of Earning More to Give More?

 Jeff Bezos has decided to donate most of the wealth he has built as an entrepreneur to good causes. Deep-pocketed law firms such as Paul Weiss have been in the front lines of funding social-justice issues. Bill Gates has also been sharing his assets to, among things, save planet earth.

All are examples of what is known as "Effective Altruism," that is earning a lot, then contributing a lot to what society needs done but probably wouldn't be able to afford to do on its own. Without that kind of intervention, so many non-profit institutions would have to be continually involved in fundraising, which is time-consuming and usually expensive.

Now, Bloomberg BusinessWeek is looking at that concept of Effective Altruism through the lens of an alleged bad actor in the game of acquiring riches. That's the unfolding saga of crypto player Sam Backman-Fried. His alleged conduct in managing FTX probably will result in a broad range of constituents losing money. Meanwhile, while FTX was supposedly doing well it had been doing good. 

The question arises: Does a philanthropist such as SBF throw shade on Effective Altruism? If so, that would conjure back up the strongest arguments against the American brand of capitalism which produces a growing number of billionaires and millionaires on their way there. The US is home to one-fourth of the world's 2,700 billionaires. Currently, there are about 720.

Will public opinion again become absolutist in vilifying great wealth? 

A deep economic downturn, in which inflation has already unleashed havoc, could trigger a version of the Russian Revolution against those 720 as well as others who showcase a privileged lifestyle. Let them march into Greenwich, Connecticut and the Hamptons in New York. That could spread globally. The Barbarians will be at the gate.

Lots could happen in the next several months.

Pursuing, acquiring, and building more wealth could become the unforgivable act against a society in 2023.

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