Social service, private gain : the political economy of social impact bonds

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Social service, private gain : the political economy of social impact bonds

Jesse Hajer and John Loxley

University of Toronto Press, c2021

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Includes bibliographical references (p. [337]-398) and index

Description and Table of Contents

Description

The 2008 financial crisis and its subsequent economic impacts generated a challenge for national and regional governments across the world. From this economic ruin, 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. The book critically assesses the potential of SIBs to constructively contribute to solving the multifaceted social challenges emerging from a context of entrenched and growing inequality. Claiming to bring incremental resources to the rescue, SIBs have taken up 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 generate new insights based on the limited but still suggestive publicly available data on SIB projects. Challenging the assumptions and narratives put forward by proponents of the model, they offer practical policy recommendations for SIBs and explain what the model tells us about the potential for transformational change for the better.

Table of Contents

Preface Acknowledgements List of Tables List of Figures INTRODUCTION Part A: The Characteristics and Emergence of the Social Impact Bond Model Chapter 1: The Structure of Social Impact Bonds Introduction I. Defining SIBs II. Public versus Private Dimensions in Social Service Provision III. Defining Features of SIBs IV. Conclusion Chapter 2: The Short History of SIBs and the Development of the Enabling Field Introduction I. The Scale of Impact Bonds by Sector II. The Distribution of SIBs by Country III. SIBs Delivering results IV. Investor returns V. Conclusion Part B: Efficiency-Based Explanations of SIB Emergence Chapter 3: The Rationale of SIBs Introduction I. Claim 1: SIBs Allow More Social Programs to be Delivered II. Claim 2: Better programs: Higher quality and greater effectiveness III. Claim 3: Better system: IV. Conclusion Chapter 4: Social Impact Bonds as Public Private Partnerships Introduction I. Review of the Public Private Partnership (PPP) Infrastructure Delivery Model II. SIBs as Public Private Partnerships III. Economic Theory and Modeling of PPPs and SIBs IV. A Comparative Framework for Evaluating SIBs versus conventional procurement V. Conclusion Part C: The Political Economy of SIBS Chapter 5: Private Institutional Participants in SIBs Introduction I. The Institutional Participants in SIBs II. Service Providers: The Significance of the Non-Profit Form III. Altruism, Intrinsic Motivation and Reciprocity IV. Implications for SIB Implementation and Design V. Conclusion Chapter 6: Government Introduction I. Motivations of Government II. Relative Cost Critique III. Theories of the State IV. Implications for SIB Design and Regulation V. Conclusion Chapter 7: The Political Economic Context of SIB Emergence Introduction I. Defining neoliberalism II. Financialization III. Comparative Analysis of SIB Leaders and Followers IV. Side note: The UK Versus the US V. Conclusion Chapter 8: Development Impact Bonds Introduction I. Expanding Enabling Fields II. Examples of DIBs III. Other Observations on Existing DIBs IV. A Closer Look at the Claimed Rationale of Results-Based Aid and its Challenges V. Are DIBs the Future for Foreign Aid? VI. DIBs and the Need for Foreign Aid Chapter 9: Policy Recommendations, Reforms and Alternatives Introduction I. Recap of Policy Recommendations II. The Micro Alternative: Conventional delivery through (re)building state capacity III. The Macro Alternative: Universalism vs. Individualized Approaches IV. Conclusion References Appendix A Review of Meta-analytical Studies on Common SIB Policy Sectors Appendix B: Sector Proportion of SIBs, by Country Appendix C: Reported and Estimated SIB Maximum and Expected Investor Returns Appendix D: Description of Value for Money Analysis in Applied Public Finance Appendix E: Social Investment and Entrepreneurship Concepts Appendix F: Development Impact Bonds

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