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Investing in charities in the nineteenth century: The financialization of philanthropy
Abstract
This study deals with the impact of financialization on the development of charity during the nineteenth century. We argue that this has two key aspects: firstly, the growth of charitable provision via limited companies; and secondly, the financial audit by charities of the claimants who approached them. Limited companies operated mainly in the field of subsidized housing. These offered investors a satisfactory return, but at the cost of requirements regarding the level of rent and the behaviour expected from tenants which restricted the number of potential beneficiaries. The evaluation of claimants by charities was pioneered by, but not limited to, the new Charities Organization Society. This constituted a form of audit, with enquiry into claimants’ behaviour, financial status and prospects, and a refusal to support those seen as unreliable or unpredictable. We argue that these developments have significant implications for the social enterprise movement of the twentieth and twenty-first centuries.
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“The ethics-driven businesses that were apparently immune to compassion fatigue included social enterprises that supplied high-quality social housing to working-class Britons at below market rates (Birch and Gardner 1981; Maltby and Rutterford 2016).”
From Historicizing Modern Slavery: Free-Grown Sugar as an Ethics-Driven Market Category in Nineteenth-Century Britain (2020) · cites this paper as Maltby and Rutterford 2016
In the citing paper
“However, the more we thought about this possible explanation for the decline of the market category, the less persuasive simple compassion fatigue seemed to us as a sufficient explanation, as historians have documented instances of ethics-driven business ventures in nineteenth-century Britain that persisted for longer periods of time and did not fade away because of compassion fatigue.”
From Historicizing Modern Slavery: Free-Grown Sugar as an Ethics-Driven Market Category in Nineteenth-Century Britain (2020) · cites this paper as Maltby and Rutterford 2016
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Cited by
Sorted by citations
Smith, A., & Johns, J. (2020) · Journal of Business Ethics · doi:10.1007/s10551-019-04318-1 · Cited by 48
Metadata
- Authors
- Maltby, J., & Rutterford, J.
- Affiliations
- University of Sheffield (GB)
- The Open University (GB)
- Corresponding author
- Maltby, Josephine
- ORCID
- Rutterford, Janette
- Venue
- Accounting History
- Publisher
- SAGE Publications
- Published
- 2016-05
- Volume
- 21
- Issue
- 2-3
- Pages
- 263-280
- ISSN
- 1032-3732 (ISSN-L)
- 1749-3374
- OpenAlex
- W2407739706
- Cited by
- 39
- References
- 0
- Citations by year
- 2026: 1 · 2024: 1 · 2023: 12 · 2022: 1 · 2020: 2 · 2019: 4 · 2018: 3 · 2017: 5 · 2016: 1
- FWCI
- 7.25
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Accounting History (publishedVersion)
- Open Research Online - ORO (The Open University) (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Community Development and Social Impact
- Social Sciences › Sociology and Political Science › Nonprofit Sector and Volunteering
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Historical Economic and Social Studies
- Keywords
- charity, 19th century, limited companies, subsidized housing, financial statement audit, social enterprises, philanthropy
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