Saturday, 9 February 2019

Walmart Charity


Sam Walton believed that the company's contribution to society was the fact that it operated efficiently, thereby lowering the cost of living for customers, and, therefore, in that sense was a "powerful force for good", despite his refusal to contribute cash to philanthropic causes. Having begun to feel that his wealth attracted people who wanted nothing more than a "handout", he explained that while he believed his family had been fortunate and wished to use his wealth to aid worthy causes like education, they could not be expected to "solve every personal problem that comes to [their] attention". He explained later in his autobiography, "We feel very strongly that Wal-Mart really is not, and should not be, in the charity business," stating "any debit has to be passed along to somebody—either shareholders or our customers." Since Sam Walton's death in 1992, however, Walmart and the Walmart Foundation dramatically increased charitable giving. For example, in 2005, Walmart donated US$20 million in cash and merchandise for Hurricane Katrina relief. Today, Walmart's charitable donations approach US$1 billion each year.

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