Seven Social Impact Bonds: shifting the boundaries of citizenship
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Stephen Sinclair
Abstract
Chapter Seven focuses on efficiency of administration and the mixing of morals and mathematics in the context of the financialisation of everyday life. They examine the development and scope of Social Impact Bonds (SIBs), a policy instrument designed to extend the role of private finance in welfare provision and delivery, following in the wake of previous efforts to outsource public services and expand the mechanisms for ‘payments by results’. As the authors demonstrate in the UK SIBs represent more than just an expansion of existing privatisation measures; they are part of the financialisation of service provision and delivery, bringing venture capital and the risk calculations and hedging of welfare outcomes to the financial market in an effort to shake up the assumed public sector inertia. As the authors discuss, the assumptions of risk, cost-saving attributes and the measurability of outcomes are all problematic in the financialised framework.
Abstract
Chapter Seven focuses on efficiency of administration and the mixing of morals and mathematics in the context of the financialisation of everyday life. They examine the development and scope of Social Impact Bonds (SIBs), a policy instrument designed to extend the role of private finance in welfare provision and delivery, following in the wake of previous efforts to outsource public services and expand the mechanisms for ‘payments by results’. As the authors demonstrate in the UK SIBs represent more than just an expansion of existing privatisation measures; they are part of the financialisation of service provision and delivery, bringing venture capital and the risk calculations and hedging of welfare outcomes to the financial market in an effort to shake up the assumed public sector inertia. As the authors discuss, the assumptions of risk, cost-saving attributes and the measurability of outcomes are all problematic in the financialised framework.
Chapters in this book
- Front Matter i
- Contents iii
- List of figures and tables v
- Notes on contributors vii
- Introduction 1
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The British welfare state
- Economic crisis, work–life balance and class 11
- Towards a fairer pension system for women? Assessing the impact of recent pension changes on women 29
- Warehouse, marketise, shelter, juridify: on the political economy and governance of extending school participation in England 47
- The political economy of taxation in the 21st-century UK 65
- Occupational and fiscal welfare in times of crisis 85
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The Social Policy Association Conference 2013
- Better to satisfy the coroner than the auditor: social policy delivery in challenging times 103
- Social Impact Bonds: shifting the boundaries of citizenship 119
- Creating a legacy of long-term indebtedness: the toxic impact of payday loans in Wolverhampton 137
- No future to risk? The impact of economic crises and austerity on young people at the margins of European employment and welfare settings 155
- Aristotle on the front line 181
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Towards integrated services? The integration of social policies and other policy domains
- Integration of social and labour market policy institutions: towards more control and responsiveness? 201
- Decentralised integration of social policy domains 221
- Rescaling inequality? Welfare reform and local variation in social assistance payments 239
- The competition–collaboration dilemma: the perverse effects of mixed service integration policy approaches in Queensland 259
- Developing integration of health and social care in England 279
- Index 295
Chapters in this book
- Front Matter i
- Contents iii
- List of figures and tables v
- Notes on contributors vii
- Introduction 1
-
The British welfare state
- Economic crisis, work–life balance and class 11
- Towards a fairer pension system for women? Assessing the impact of recent pension changes on women 29
- Warehouse, marketise, shelter, juridify: on the political economy and governance of extending school participation in England 47
- The political economy of taxation in the 21st-century UK 65
- Occupational and fiscal welfare in times of crisis 85
-
The Social Policy Association Conference 2013
- Better to satisfy the coroner than the auditor: social policy delivery in challenging times 103
- Social Impact Bonds: shifting the boundaries of citizenship 119
- Creating a legacy of long-term indebtedness: the toxic impact of payday loans in Wolverhampton 137
- No future to risk? The impact of economic crises and austerity on young people at the margins of European employment and welfare settings 155
- Aristotle on the front line 181
-
Towards integrated services? The integration of social policies and other policy domains
- Integration of social and labour market policy institutions: towards more control and responsiveness? 201
- Decentralised integration of social policy domains 221
- Rescaling inequality? Welfare reform and local variation in social assistance payments 239
- The competition–collaboration dilemma: the perverse effects of mixed service integration policy approaches in Queensland 259
- Developing integration of health and social care in England 279
- Index 295
