The New York Times reports that James Patterson is giving $1 million of his personal fortune to dozens of bookstores.
Alberto Mingardi, of Italy’s Istituto Bruno Leoni (their version of the Adam Smith Institute), believes ‘Patterson is doing something admirable. He has preferences – for the paper book versus the ebook, for the small bookseller vs the large chain – and he is putting his money where his mouth is.’
Though he is interested in the economics:
[C]urrently, he’s given away $267,000 to 54 bookstores. This means that he has donated, on average, a bit less than $5,000 to each bookseller. It is rather unlikely that such a small amount of money helps independent bookstores to thrive in an increasingly difficult market. It’d be more interested to know something on the criteria Patterson is following to give away money to bookstore X instead of bookstore Y. He can do whatever he wants with his money – but I do not really understand how he could have an impact.
$5,000 is obviously better than $0,000. I’ve never read a James Patterson book, perhaps I’ll try one. Maybe (as a cynic points out in the comments below) this is the idea. Personally, I can’t believe that a man as wealthy as Patterson needs any more cash. I’m sure his heart is in the right place. Whether it will achieve anything in the long term, who can say.
After all, even best-selling authors are struggling to make any cash, says The Guardian.
Thomson is not yet broke, but he’s up against it. The story of his garret is a parable of literary life in Britain today. Ever since the credit crunch of 2008 writers have been tightening belts, cutting back and, in extreme cases, staring into an abyss of penury. “Last year,” said novelist Paul Bailey, speaking to the Observer in 2010, “was sheer hell”. Off the record, other writers will freely confide their fears for the future, wondering aloud about how they will make ends meet. Hanif Kureishi, for instance, recently swindled out of his life savings, told me how difficult his life had become.
I went to see 12 Years a Slave the other day, and that does engender a little perspective. I didn’t really enjoy the film, actually, but the book is very good indeed, and at 49p for this e-version is highly recommended. Wish we had thought to stick it out as an eBook!