History

Plato founded a school, the «Akademia», around 387 BC near Athens. Plato later bequeathed the school to his nephew. Plato also bequeathed land, which generated income to fund the Akademia. The nephew, in turn, bequeathed them to a successor, and so on, for nearly 300 years.

The Akademia is one of the first known endowments in Western history.

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