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Philanthropy etymologically means "love of humanity" in the sense of caring, nourishing, developing and enhancing "what it is to be human" on both the benefactors' (by identifying and exercising their values in giving and volunteering) and beneficiaries' (by benefiting) parts. The most conventional modern definition is "private initiatives, for public good, focusing on quality of life". This combines the social scientific aspect developed in the 20th century with the original humanistic tradition, and serves to contrast philanthropy with business (private initiatives for private good, focusing on material prosperity) and government (public initiatives for public good, focusing on law and order).[1]

Instances of philanthropy commonly overlap with instances of charity, though not all charity is philanthropy, or vice versa. The difference commonly cited is that charity relieves the pains of social problems, whereas philanthropy attempts to solve those problems at their root causes (the difference between giving a hungry man a fish, and teaching him how to fish for himself). A person who practices philanthropy is called a philanthropist.