Philanthrocapitalism?

Robert Franks explains this new term. It's what Bill Gates is doing with his money, staying involved with the philanthropy instead of delegating all the decisions to people who aren't themselves rich. Michael Edwards, who has written a book on the subject, is interviewed by Franks. Strangest thought:

The domination of philanthropy by small groups of wealthy people is potentially undemocratic. In a real democracy, you give everyone an equal chance. Poor people have been written out of the story.