Edward Harkness, American philanthropist (d. 1940)

Edward Stephen Harkness (January 22, 1874 – January 29, 1940) stands as one of the most significant American philanthropists of the early twentieth century. His profound generosity, channeled both through private donations and the influential Commonwealth Fund established by his family, left an indelible mark on numerous vital institutions across the United States and even internationally. His strategic contributions were instrumental in shaping advancements in education, healthcare, and the arts during a period of transformative growth.

The Foundation of a Fortune: Standard Oil Legacy

Edward Stephen Harkness inherited a substantial fortune, providing the bedrock for his extensive philanthropic endeavors. This wealth originated primarily from his father, Stephen V. Harkness, an astute investor who became one of the earliest and most pivotal silent partners in John D. Rockefeller’s burgeoning Standard Oil Company. Stephen V. Harkness's initial investment of approximately $100,000 in 1870, at a crucial phase in Standard Oil's formation, proved to be an exceptionally lucrative decision, laying the groundwork for one of America's largest family fortunes. Edward also inherited wealth from his brother, Charles W. Harkness, further consolidating the family's financial power. This inherited capital placed Edward Stephen Harkness among the wealthiest individuals of his time, enabling him to pursue philanthropic initiatives on an unprecedented scale.

A Legacy of Giving: The Commonwealth Fund and Private Benefactions

Harkness's philanthropic vision was broad, encompassing a diverse range of causes. His financial gifts, often substantial and strategically deployed, focused primarily on private hospitals, prominent art museums, and leading educational institutions. These benefactions, made privately and through the family's Commonwealth Fund, were among the largest and most impactful donations of the early 20th century.

The Commonwealth Fund, established in 1918 by Edward's mother, Anna Harkness, and later significantly supported and shaped by Edward himself, rapidly became a powerful force in philanthropy. Initially focusing on public welfare, it evolved to champion medical education, public health, and international fellowship programs. Under Edward's influence, the Fund played a crucial role in advancing medical research and healthcare delivery, reflecting his deep commitment to societal well-being.

Transformative Gifts to Education and Culture

Edward Stephen Harkness is renowned for his transformative contributions to some of the most prestigious academic and cultural institutions. His unique approach often involved not just financial support but also a vision for pedagogical reform and institutional development.

• Yale University: Harkness was a monumental benefactor, particularly known for funding the residential college system. His 1930 gift of $15 million, equivalent to over $260 million today, established the foundation for the distinctive collegiate Gothic quadrangles and the residential living-learning experience that defines Yale to this day. This system aimed to replicate the intimate academic environment of Oxford and Cambridge within a large American university.
• Harvard University: Similarly, Harkness made significant contributions to Harvard's house system, a parallel initiative to Yale's residential colleges, fostering closer student-faculty interaction and a more personalized educational experience.
• Columbia University: He was a major donor, supporting various academic and infrastructural projects that enhanced the university's research capabilities and campus environment.
• Phillips Exeter Academy: Perhaps his most enduring legacy in secondary education is the "Harkness plan" or "Harkness method." His 1930 gift of $5.8 million, a colossal sum at the time, stipulated a revolutionary approach to learning: students and teachers would sit around a large oval table (the "Harkness table") for discussions, fostering active participation, critical thinking, and collaborative learning. This pedagogical model, still central to Exeter's curriculum, has influenced teaching methods globally.
• St. Paul's School: Another prominent preparatory school that benefited from his generosity, receiving funds for campus development and academic programs.
• The Metropolitan Museum of Art: Harkness was a significant patron of the arts, contributing substantially to the Met, helping to expand its collections and enhance its ability to preserve and display world-class art. His support strengthened one of America's premier cultural institutions.
• University of St Andrews, Scotland: Notably, his philanthropy extended beyond American borders. He made a substantial gift to the University of St Andrews in Scotland, demonstrating his global outlook and commitment to higher education universally. This support helped the ancient Scottish university expand its facilities and enhance its academic offerings.

Among the Nation's Richest: The Inaugural Forbes "Rich List"

Edward Stephen Harkness's immense wealth was publicly recognized in an unprecedented way. In 1918, when Forbes magazine published its inaugural "Rich List," a pioneering effort to rank America's wealthiest individuals, Harkness was placed as the 6th-richest person in the United States. He stood alongside industrial titans and financial magnates who had shaped the American economy.

His contemporaries on this exclusive list included:

• John D. Rockefeller: Founder of Standard Oil, the unparalleled industrialist whose wealth far surpassed others.
• Henry Clay Frick: A powerful industrialist, financier, and art patron, known for his role in the steel industry.
• Andrew Carnegie: The steel magnate turned leading philanthropist, famous for his "Gospel of Wealth."
• George Fisher Baker: A prominent banker and financier, co-founder of First National Bank of New York.
• William Rockefeller: John D. Rockefeller's younger brother and a key executive in Standard Oil.

This ranking underscores the extraordinary financial resources at Harkness's disposal, which he then largely dedicated to philanthropic causes, distinguishing himself as a steward of wealth for the public good.

Frequently Asked Questions About Edward Stephen Harkness

Who was Edward Stephen Harkness?

Edward Stephen Harkness was a prominent American philanthropist from the early 20th century, renowned for his vast financial contributions to educational institutions, hospitals, and art museums. His family's wealth originated from an early investment in Standard Oil.

What was the "Harkness Plan" in education?

The "Harkness Plan" or "Harkness method" is a revolutionary pedagogical approach funded by Edward S. Harkness at Phillips Exeter Academy. It emphasizes student-centered learning through discussions around an oval "Harkness table," encouraging active participation, critical thinking, and collaborative inquiry rather than traditional lectures. This method has significantly influenced modern educational practices.

Which major institutions benefited from Harkness's philanthropy?

His major beneficiaries include Yale University and Harvard University (for their residential college/house systems), Phillips Exeter Academy (for the Harkness Plan), Columbia University, St. Paul's School, the Metropolitan Museum of Art, and the University of St Andrews in Scotland.

What was the Commonwealth Fund?

The Commonwealth Fund is a private foundation established in 1918 by Edward S. Harkness's mother, Anna Harkness, and significantly influenced by Edward. It became a major philanthropic entity focused on improving healthcare, medical education, and public welfare through grants and research.

How did Edward S. Harkness acquire his wealth?

Edward S. Harkness inherited his substantial fortune from his father, Stephen V. Harkness, who was an early and instrumental investor in John D. Rockefeller's Standard Oil Company, and from his brother, Charles W. Harkness.