Philanthropy consists of “private initiatives, for the public good, focusing on quality of life”. Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material gain, and with government endeavors, which are public initiatives for public good, e.g., focusing on provision of public services. A person who practices philanthropy is a philanthropist.
Philanthropy is different from charity, though there is some overlap. Charity aims to relieve the pain of a particular social problem, whereas philanthropy attempts to address the root cause of the problem. – Wikipedia
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