Final answer:
Bill Gates, through the Bill and Melinda Gates Foundation, is a contemporary American entrepreneur known for his significant efforts in alleviating global poverty. The foundation collaborates with governments and other entities to advance sustainable technology and investments.
Step-by-step explanation:
Private Philanthropy in Alleviating Poverty Worldwide
Addressing the question regarding which contemporary American entrepreneur is known for their private philanthropy devoted to alleviating poverty worldwide, Bill Gates stands out prominently. The Bill and Melinda Gates Foundation, founded in 2000, has been a major force in tackling global issues, especially those relating to poverty and health. Unlike the approaches of the 19th century, which varied from promoting disciplined habits to outright dependency, today's efforts focus on sustainable solutions.
The work of the Gates Foundation includes collaboration with governments and other organizations to advance technology development and investments, consistent with principles advanced by thinkers like Jeffrey Sachs in The End of Poverty. Sachs's book emphasizes the role that technological advancements and targeted investments can play in overcoming poverty, a view that aligns with the pragmatic approach of the Gates Foundation. As such, the foundation has set three significant action areas to bolster its mission of health, education, and poverty alleviation.
Historical perspectives on poverty have evolved from McNamara's World Bank speech in 1973, which focused on the concept of 'absolute poverty,' leading to the Bank's modified mission of promoting economic growth and reducing poverty. Earlier views, such as Andrew Carnegie's stance on wealth and benefaction, have also influenced modern philanthropy. Carnegie believed that people of wealth have a duty to live modestly and to organize benefits for the masses.
Finally, considering the prospects for innovation in regions like Sub-Saharan Africa, it's potentially a collective effort amongst nonprofit organizations, governments, and businesses that can drive change. The Gates Foundation's role in health, education, and poverty relief exemplifies this multifaceted strategy towards poverty reduction.