A little over two decades ago, Jack Ma founded Alibaba Group in his Hangzhou apartment. Alibaba includes

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A little over two decades ago, Jack Ma founded Alibaba Group in his Hangzhou apartment. Alibaba includes an online payment system, Alipay, and two ecommerce sites, Tmall and Taobao. Valued at close to $500 billion, Alibaba had the largest ever U.S.-listed initial public offering (IPO) to date—the first sale of stock by a company to the general public. As a result of its IPO, Alibaba has become far better known in the United States. Similarly, the company has been described as a Chinese combination of eBay, Amazon, and PayPal.

Jack Ma, who is in his 50s, has been referred to as the “godfather of China's scrappy entrepreneurial spirit.” As the face of China's new age of entrepreneurs, he commands a cult-like following among the younger Chinese generation. At a speech given upon his retirement as Alibaba's CEO five years ago, Ma reminded the audience that business cannot prosper when it continues to be ruined by overdevelopment, which includes China's hazardous levels of pollution. Recently, he set up a way to give a certain percentage of his wealth to causes related to health care, education, and the environment in China.

Alluding to China's increased economic prosperity and rising middle class, Ma points out that the dreams of the Chinese people may fade away if the sun cannot be seen. When Ma's family and friends were diagnosed with lung and liver cancer, he became increasingly concerned about cleaning up China's air and water. He has committed 2% of the value of Alibaba's stock to help preserve the environment. As he is a self-made Internet billionaire, many see Ma's move, the largest of its kind in China, as the beginning of a new era of giving among China's billionaires.

Questions for Critical Thinking

1. A philanthropist is someone who donates time and money to charitable causes. Why do you think there might be more challenges for philanthropists in China as compared to those in the United States?

2. What are some of the issues that can arise in a country experiencing unpredictable economic prosperity among segments of its population?

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