II.

History

Philanthropic endowments and institutions have been known since ancient times. The Greek philosopher Plato bequeathed valuable land to his disciples so they could maintain his Academy; similarly, the Egyptian king Ptolemy I founded and endowed the famed museum and library in Alexandria. During the Middle Ages, religious orders made endowments to promote religious and social welfare projects. In 1701 the English Anglican clergyman Thomas Bray founded the Society for the Propagation of the Gospel in Foreign Parts, which established libraries and churches in the American colonies. In 1790 the American statesman Benjamin Franklin bequeathed funds to be lent to talented young people “of good character.” The U.S. government used the bequest of the British mineralogist James Smithson to establish the Smithsonian Institution in 1846. The legacy of the Swedish inventor Alfred Nobel has been used since 1901 to honor international achievements in the fields of literature, chemistry, physics, physiology or medicine, and peace, and, since 1969, economics. Similarly, the will of the American journalist Joseph Pulitzer provides annual gifts for distinguished American contributions to journalism, literature and drama, and music.