As 2008 comes to a dramatic finish, the market turmoil rages on, and is now reaching donors and charities in all corners of the globe. In this issue we look forward to 2009, exploring the outlook for philanthropy in the economic downturn. The opening article, ‘The £10.6 billion question’, offers an overview of what we are ‘hearing on the street’, and makes the case that elite philanthropy will prove more resilient than the sector expects. This “cautious optimism” is supported both by historical evidence (‘What gives in a recession?’) and by the emerging philanthrocapitalists, as argued by The Economist’s Matthew Bishop (‘A great giving opportunity’), whose new book, with Michael Green, is also reviewed in this issue. Meanwhile, in the Letter from America Melissa Berman looks at how donors are responding on the other side of the pond. We are very pleased to welcome a contribution by Dame Vivien Duffield, who reflects on her experiences as both a philanthropist and...