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Crime Prevention through Social Finance and Social Impact Bonds

Author

Listed:
  • Caterina Galluccio

    (University of Chieti Pescara, Chieti, Italy)

Abstract

The rate of adoption of the Social Impact Bonds (SIBs) remains substantially low despite the perceived public attention. Even considering widespread interest in the SIBs model, the low adoption mode suggests that the program is still in its early diffusion phase. In a bid to reduce or control crime rates, the SIBs model represents one of the strategies geared toward social reforms. It was initially piloted in 2010 at Peterborough prison with private financing for crucial social programs. The government could only pay returns to successful programs as an underlying condition. Besides its adoption in the United Kingdom, several states in the United States borrowed similar SIBs programs. This paper examined various aspects of measures of converting cases of recidivism into valuable financial assets and the shortcomings of such programs within the domain of the criminal justice department.

Suggested Citation

  • Caterina Galluccio, 2023. "Crime Prevention through Social Finance and Social Impact Bonds," Sociology and Social Work Review, International Society for projects in Education and Research, vol. 7(2), pages 112-120, December.
    • Handle: RePEc:edr:sswrgl:v:7:y:2023:i:2:p:112-120
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    References listed on IDEAS

    as
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    2. Antony Bugg-Levine & Jed Emerson, 2011. "Impact Investing: Transforming How We Make Money while Making a Difference," Innovations: Technology, Governance, Globalization, MIT Press, vol. 6(3), pages 9-18, July.
    3. Marika Arena & Irene Bengo & Mario Calderini & Veronica Chiodo, 2016. "Social Impact Bonds: Blockbuster or Flash in a Pan?," International Journal of Public Administration, Taylor & Francis Journals, vol. 39(12), pages 927-939, October.
    4. Michel Callon & Fabian Muniesa, 2005. "Economic markets as calculative collective devices," Post-Print halshs-00087477, HAL.
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    More about this item

    Keywords

    social impact bond; social finance; crime prevention; criminal justice system; social needs.;
    All these keywords.

    JEL classification:

    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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