In this Episode of Capital for Good we speak with Antony Bugg-Levine, a global leader in economic development, policy, and responsible business and investment. Twenty years ago, Bugg-Levine convened the meeting that coined the phrase "impact investing;" he would go on to co-found the Global Impact Investing Network, write a definitive book on the subject, lead the Nonprofit Finance Fund, and shape the ways capital flows to important economic, social and environmental challenges — giving more people access to fair finance, and opportunity. His new book, Investing in America, is as much a window into the inspiring work of "practical problem solvers" as it is a personal chronicle: in Bugg-Levine's words "one grateful immigrant's 250th birthday gift to the country that has given my family and me so much."
In this wide ranging conversation, we discuss the formative experiences that animate Bugg-Levine's life-long commitment to expanding opportunity: his childhood in South Africa during apartheid and his later work in the country when the new Constitution afforded political rights that were challenging to achieve in the face of entrenched economic inequality; his experience in the US as an immigrant for whom the "American Dream" was both inspiration and reality — often because of access to "fair finance" like college loans and a 30-year mortgage; the recognition that these kinds of opportunities are increasingly elusive for many Americans.
Bugg-Levine, who is also an adjunct professor at Columbia Business School, explains how "Investing in America" has a long and foundational history, citing the example of Ben Franklin, who rewrote his will in 1789 to create revolving loan funds for workers in Boston and Philadelphia to start their own businesses. The youngest son in a family of seventeen siblings, Franklin worked for his brother in a print shop, and only through a loan arranged by a friend was able to start his own small business that would change the trajectory of his life and make possible his contributions to community and country. Franklin's "core insight," Bugg-Levine notes, is that "hard work, grit, and determination are necessary, but not sufficient;" they often need to be linked to access to fair finance to translate opportunity into progress. Investing in America shows Franklin's legacy is alive and relevant, covering 70 case studies across 42 states and a broad range of topics that most Americans agree are national priorities: among them worker well-being and good jobs; housing and homeownership; clean, affordable, and resilient energy; education; health care; technology; natural resource protection; and direct access to capital. We discuss several.
While clear eyed about many of the challenges Americans face, Bugg-Levine is also optimistic that solutions to these challenges often enjoy bipartisan support. He also believes that all of us have a role to play and cites tangible ways — from banking locally to voting for candidates who advance these solutions — everyone can participate. "Investing in America is not a spectator sport," Bugg-Levine says. "We as a people can be part of the project of making the ideas of the American Dream a reality for everyone."
Mentioned in this episode:
Investing in America, (Antony Bugg-Levine, 2026)
