Social Service, Private Gain: The Political Economy of Social Impact Bonds

The 2008 financial crisis and its subsequent economic impacts generated a challenge for national and regional governments across the world. The Social Impact Bond (SIB) was born as an alternative mechanism for government procurement and delivery of social public services. Social Service, Private Gain examines the evolution of SIBs, how they work, their theoretical motivation, and their global proliferation. It critically assesses the potential of SIBs to constructively contribute to solving the multifaceted social challenges emerging from a context of entrenched and growing inequality.

\n Format: Paperback / softback
\n Length: 424 pages
\n Publication date: 14 June 2021
\n Publisher: University of Toronto Press
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The 2008 financial crisis and its subsequent economic impacts posed a significant challenge for national and regional governments worldwide. In response to this economic devastation, the Social Impact Bond (SIB) emerged as an innovative mechanism for government procurement and delivery of social public services. Social Service, Private Gain delves into the evolution, workings, theoretical motivation, and global proliferation of SIBs. The book critically assesses the potential of SIBs to constructively address the multifaceted social challenges arising from entrenched and growing inequality. While proponents claim that SIBs can bring incremental resources to the rescue, they have occupied disproportionate space with new legislation, policy, subsidies, institutional supports, lobbyists, and intermediaries facilitating SIBs and thriving on their associated transaction costs.

Drawing on mainstream and heterodox economic theory, practical case studies, and empirical data, Jesse Hajer and John Loxley offer fresh insights based on the limited but suggestive publicly available data on SIB projects. Challenging the assumptions and narratives put forward by proponents of the model, they provide practical policy recommendations for SIBs and shed light on the potential for transformative change for the better.

In conclusion, Social Service, Private Gain provides a comprehensive and critical examination of the SIB phenomenon. By exploring its evolution, workings, theoretical motivation, and global proliferation, the book offers valuable insights into the potential of SIBs to address social challenges and promote transformative change. It serves as a valuable resource for policymakers, practitioners, and scholars interested in exploring innovative approaches to social service delivery and addressing inequality in society.

\n Weight: 654g\n
Dimension: 151 x 227 x 30 (mm)\n
ISBN-13: 9781487526917\n \n