Ford Foundation's Roy Swan makes the case for 'positive-sum' capitalism. The Ford Foundation's Roy Swan begins his new book with a compelling anecdote. Carrying the ball as a high school tailback, he leaped into the end zone for a touchdown, only to catch his foot and land smack on the crown of his head. Doctors told his family his smashed vertebrae meant he might be paralyzed for life. "It was the best thing that ever happened to me," Swan says on the latest Agents of Impact podcast. Experimental techniques and an innovative surgeon allowed him to make a full recovery, and even to run track six months later. And the injury steered him away from football and ultimately to a career in finance, including as co-head of global sustainable finance at Morgan Stanley and now as head of mission investing at Ford Foundation, where he oversees a $1.3 billion carveout from Ford's endowment for mission-related investments. "It changed my whole life, put me on a different path, opened up a whole new world," he says. Swan uses the incident to make a broader point that conventional wisdom is often wrong. "We are operating under collective illusions," he says. The main target for his myth-busting in "Positive Sum: How Zero Sum Thinking Broke Capitalism - and How We Can Fix It," out today, is the deeply ingrained belief that every gain requires someone else's loss. Impact investors have long argued - and in many cases proven - that financial returns and positive social impact can reinforce one another. Swan wants to share the good news more widely. "A lot of people are afraid, particularly investors," says Swan on the latest Agents of Impact podcast. "They think that if you're going to have social impact, you're going to lose something. That's just not true." Swan's mission investing team invests in affordable housing, financial inclusion, responsible technology, healthcare and quality jobs, while targeting returns sufficient to preserve its endowment and distribute its required yearly grants (full disclosure: through a program-related investment, Ford Foundation is an investor in ImpactAlpha). "We have to generate a pretty high long-term financial return," Swan says. "So far, so good for us. We've exceeded our expected return and our financial hurdle rate." Unconventional wisdom. Swan argues that two of capitalism's most influential thinkers, Adam Smith and Milton Friedman, have long been misunderstood. Both, he says, emphasized moral and social responsibility far more than most modern interpretations appreciate. He is one of the few investors who has read not only Smith's "Wealth of Nations," but his earlier, "The Theory of Moral Sentiments." "If you understand the whole story," Swan says, "you then understand that Adam Smith saw a form of capitalism that required morals and ethics in order to have a healthy economic system." Likewise, Swan argues, Friedman's famous 1970 essay in The New York Times asserting that the social responsibility of business is to increase profits has been stripped of critical context. Friedman also insisted businesses operate within the "rules of the game," - including paying taxes, following regulations and maintaining healthy relationships with workers and communities. For Swan, these historical reinterpretations reinforce his broader point: capitalism functions best when value creation is shared rather than extractive. Swan is careful to craft an argument that rests on economics, not moral suasion. For example, he points to Gallup research estimating trillions of dollars in lost global productivity from disengaged employees, along with MIT professor Zeynep Ton's work demonstrating that companies investing in better jobs consistently outperform peers across market cycles. Ford is an anchor investor in Nine Dean, a holding company built around the thesis that high-quality jobs are a driver of value-creation. Swan also highlights KKR's employee ownership initiatives under Pete Stavros (who co-wrote the book's introduction with Darren Walker, who recently completed his stint as the foundation's president) as evidence that broad-based ownership and stronger workplace cultures can drive competitive advantage. "What better way to advance human welfare than to advance the quality of life of every working person?" he says. The Great Illumination. In the book, Swan argues that the growing ability to measure corporate externalities - the costs and benefits businesses create beyond their financial statements is ushering in what he calls The Great Illumination. Advances in data, sensors, artificial intelligence and new analytical tools are making those impacts increasingly visible and actionable. Accounting for externalities would wipe out more than half of all corporate earnings, according to some estimates. Many firms would operate at a loss. "One of the great things about quantifying externalities in currency terms is you can no longer hide the actual cost that all of us are paying," he explains. Swan advocates for more rigorous measurement of both positive and negative externalities that investors can incorporate into traditional financial analysis. Better information means markets can price risks and opportunities more accurately. Ford, for example, has invested in Richmond Global Sciences, co-founded by Harvard Business School professor George Serafeim, along with Sakis Kotsantonis and Peter Kellner, which quantifies the externalities in currency terms (see, "Weighting accounts for impact"). "Now you can apply the probability ratings of social media companies being more highly regulated or having to internalize some of the costs of the damage they're creating or being taxed," he says. "We like to focus on as much as you can quantify with a healthy dose of common sense." Challenge for philanthropy. Swan reserves some of his sharpest criticism for philanthropy itself. When he was leaving Morgan Stanley to join the foundation, a colleague pointed out that he was going to an institution where the investment office was completely separate from the program team. "I still find it shocking to some extent," he says. Walker did manage, in 2017, to carve out $1 billion from Ford's then-$12 billion (now $17.5 billion) endowment for mission-related investments, and asked Swan to lead the effort. Despite the evidence that mission-related investments can generate competitive returns, relatively few foundations have followed Ford's lead in aligning more of their endowments with their charitable missions. Swan attributes much of that hesitation to institutional inertia rather than investment fundamentals. "There are a lot of incentives in place that discourage people from trying something new," Swan says. "It's better to fail conventionally than to take the chance of succeeding unconventionally." The book weaves Swan's own journey with enjoyable lessons on economics and illuminating reporting, for example, on the late Supreme Court Justice Lewis Powell's 1971 memorandum that mobilized corporate America to defend free enterprise through legal and political action. He tells the story of the commission, on which he served, that established the Church of England's £100 million "Fund for Healing, Repair and Justice," to address the church's historic ties to the South Sea Company and the trans-Atlantic slave trade. Swan hopes "Positive Sum" broadens the conversation beyond impact investing. All proceeds from the book will go to the Ford Foundation to support its charitable mission. "The goal is to have fun with history, to have fun with psychology and economics," Swan says. "And hopefully to convince folks that you actually can do well and do good." Get Agents of Impact and all of ImpactAlpha's podcasts in your feed by subscribing on Apple, Spotify or YouTube.

Ford Foundation reaffirms strategic partnership with YABATECH. The Ford Foundation has reaffirmed its long-standing partnership with Yaba College of Technology (YABATECH), expressing commitment to sustaining collaboration in youth empowerment, arts development, and institutional growth. The reaffirmation was made during a courtesy visit to the institution's management, led by Ford Foundation Programme Manager, Joy Ehino Esebo, and the Foundation's new Programme Officer, Omar Ndiaye. Speaking during the meeting, Ndiaye said the partnership with YABATECH was one of the first major collaborations highlighted during his transition into the Foundation. The Manager described the institution as a strategic partner with a remarkable track record in arts education and youth development. He explained that the visit was aimed at strengthening existing ties, appreciating the institution's leadership and assessing the progress made through previous collaborations. He said: "The partnership with YABATECH was one of the first things emphasised during my handover. "We have heard about the tremendous work the institution is doing, particularly in the arts. "We believe in long-term partnerships, not one-off projects, and today's visit is an opportunity to deepen that relationship." Ndiaye disclosed that the Foundation is currently reviewing its global strategy following the appointment of a new president, noting that its current priorities remain the prevention of gender-based violence, natural resource management, climate justice, democracy, disability inclusion, and the rule of law. According to him, while future funding priorities are still being developed, the Foundation remains open to supporting initiatives that align with its strategic objectives, including opportunities within the arts sector. Esebo also reaffirmed the Foundation's confidence in YABATECH, describing the institution as a core partner since the collaboration began in 2019. She stressed that Ford Foundation's approach focuses on institutional sustainability rather than isolated interventions. She said: "We believe young people deserve opportunities and agency, and the arts remain one of the strongest platforms to achieve that. "Our partnership with YABATECH has been impactful, and we remain friends of the institution. "Wherever opportunities arise, we will continue to explore areas of collaboration beyond the arts in pursuit of our shared goal of making Nigeria a better place." Earlier, Curator of the YABATECH Art Museum, Dr. Odun Orimolade, welcomed the delegation and highlighted the museum's growth since its establishment in 2020, noting that the visit would provide the Foundation with first hand insight into projects implemented through previous support. Responding, the Rector, Dr. Ibraheem Abdul, thanked the Ford Foundation for its continued partnership and described the relationship as instrumental to the college's vision of producing globally competitive graduates. He said the institution remains committed to empowering students through quality education, innovation and industry-focused training. Engr. Abdul said: "Our young people are our diamonds. "We must continue to polish them by providing opportunities, skills and exposure that will enable them to succeed. The Rector revealed that YABATECH is pursuing plans to expand its creative sector by transforming its arts programmes into a full-fledged College of Arts and Design with stronger international collaborations. According to him, the institution is also investing heavily in staff development, strengthening its museum, expanding industry partnerships and aligning academic programmes with global labour market demands. Abdul added that YABATECH would continue to monitor the Foundation's evolving strategic priorities to identify areas where the institution could contribute through research, innovation and collaborative projects. [wpadcenter_ad id='745970' align='none']

Ford Foundation promotes Maíra Junqueira to regional director for Brazil. 7 July 2026 RIO DE JANEIRO - The Ford Foundation today announced the appointment of Maíra Junqueira as the next regional director of its Brazil office. She succeeds Átila Roque, who recently completed the foundation's leadership term for regional directors. Over his decade of distinguished leadership, Roque has been instrumental in deepening the foundation's commitment to racial justice and democratic resilience, significantly expanding the foundation's partnerships with grassroots leaders and social movements across the country. "Maíra's wealth of expertise and deep understanding of the region's human rights landscape make her the ideal leader to guide our Brazil office into its next chapter," said Martín Abregú, vice president for international programs at the Ford Foundation. "Her leadership will build powerfully on the legacy Atila leaves in Brazil. I am confident her pragmatism, strategic thinking, and collaborative spirit will be invaluable as we support the country's vibrant movement for social justice." Junqueira joined the foundation in 2019 and has held roles including program officer and senior program officer in the foundation's Brazil office. During her time at Ford, she has developed a diverse grantmaking portfolio, including work that focuses specifically on violence and how it intersects with racial issues. To achieve this, she centered her efforts on supporting organizations where racial and gender justice are the core focus of their mission. "It is a profound honor to step into this new role leading the Ford Foundation's work in Brazil to help advance our shared commitment to justice across the country," said Maíra Junqueira, Brazil regional director for the Ford Foundation. "Our mission has been guided by deep collaboration with key agents of change in our society, especially Black women and institutions. I look forward to building on this history with our partners to defend democratic values, confront systemic racism, and address deep economic disparities." With a rich background in civil society and human rights, Junqueira previously served as deputy executive director of Fundo Brasil de Direitos Humanos (Brazil Human Rights Fund), a position she held from 2015 to 2019, having originally joined the organization in 2006, helping to build the initial team and consolidate the Fund. Throughout her career, she has worked in the international participation of non-governmental organizations, including serving at the World Social Forum Secretariat in 2002, its second year. Junqueira holds a bachelor's degree in international relations from Pontifícia Universidade Católica de São Paulo (PUC-SP) and a master's degree in international relations from the San Tiago Dantas program (UNESP, UNICAMP, PUC-SP). The Ford Foundation's Brazil office, based in Rio de Janeiro, was established in 1962. Today, the office focuses on addressing inequality in all its forms, combating racial and gender discrimination, and supporting the leaders and institutions working tirelessly to protect human rights and strengthen democratic resilience in Brazil. 21 Nov. 2024 The Ford Foundation. The Ford Foundation is an independent organization working to address inequality and build a future grounded in justice. For 90 years, it has supported visionaries on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. Today, with an endowment of $16 billion, the foundation has headquarters in New York and 10 regional offices across Africa, Asia, Latin America, and the Middle East. Learn more at www.fordfoundation.org.