A few years ago, Soros spent millions to unseat Zimbabwean strongman Robert Mugabe—a commendable goal to support. But this left many observers wondering what happens when such efforts are launched against democratically elected leaders or run counter to U.S. national interests. Soros was pelted with eggs by Ukrainian hecklers who criticized him both for financing a foreign policy of his own and acting as a U.S. proxy. Without the assistance of civil society and international organizations, even the most generous philanthropists might find their efforts misguided, or at the very least incomplete and ineffective.

Policymakers will have to adjust to the reality that if private donors are to continue to enter what was once the domain of government aid, the public sector must still play an active role as regulator and partner. For private philanthropists, the challenge is to be aware that your efforts have the power to transform the way we think about foreign policy and, in turn, the world around us.

Michael Cohen and Maria Figueroa Küpçü are leaders of the Privatization of Foreign Policy Project at the World Policy Institute, The New School, New York.