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The tax code leaves unanswered, of course, the question of why we allow foundations this privilege and this power. In The Legitimacy of Philanthropic Foundations, a recent collection of essays on the topic, the lead editor Kenneth Prewitt argues that private grantmaking foundations carry out a function no other institutions can perform. That uniqueness, however, is not immediately evident. After all, foundations redistribute wealth, support scientific and artistic endeavors, and seek to improve social conditions—all of which the government does as well. It is not, concludes Prewitt, what foundations do that makes them unique but what they represent: a Jeffersonian ideal, an American picture of individual freedom in service to moral ends.
— Peter Thiel
2015-06-01 on firstthings.com