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Social financing as a driver for sustainable local development in EU Mediterranean countries. Spain, Portugal, and Greece in perspective

Author

Listed:
  • Nectarios Oudeniotis

    (University of the Aegean, Greece)

  • George Tsobanoglou

    (University of the Aegean, Greece)

Abstract

In the post-crisis EUlandscape, EU Mediterranean countriesare making steps in alleviating the burdens that citizens have carried at the individual and collective level by restructuring their economies and re-designing social protection measures. Social and solidarity economy(SSE) is also a sector that has also seen several impediments in its development, most notably regulatory and financial obstacles and uneven development of the sector despite its growth and positive impact towards vulnerable groups during the crisis amongthe EU countries.In this new landscape,endogenous local development and the sustainability of the sector relies not only on active social networks and generation of social capital but also on stable and recurring funding sources, as it is necessary to respond to the financial needs of social economy actors and operators, so as to sustain the emerging dynamic of SSE in the EU. This article's scope is to provide evidence-based on a literature review regarding the development of the field both in practice and in scientific discourse with a special focus at the EU Mediterranean countries of Spain, Portugal, and Greece.Among the findings is that Spain and Portugal have been mobilized and adapted faster in including and developing social investment and innovation strategies and consequently the development of supporting frameworks for their social economy sectors, contrary to Greece where despite the move towards advancing its legal framework, there is still lack of sufficient social financing instruments, as well as, little use of the EU financing and supporting framework towards financing its social economy sector.The article addresses the pivotal role of social financing in supporting social economy organizations endeavors and presents an overview of the different forms of development of the social financing initiatives that are taking place in Spain, Portugal, and Greece.

Suggested Citation

  • Nectarios Oudeniotis & George Tsobanoglou, 2020. "Social financing as a driver for sustainable local development in EU Mediterranean countries. Spain, Portugal, and Greece in perspective," Review of Applied Socio-Economic Research, Pro Global Science Association, vol. 20(2), pages 26-40, December.
    • Handle: RePEc:rse:wpaper:v:20:y:2020:i:2:p:26-40
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    References listed on IDEAS

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    4. Paul Langley, 2020. "The folds of social finance: Making markets, remaking the social," Environment and Planning A, , vol. 52(1), pages 130-147, February.
    5. Alex Nicholls, 2010. "The Institutionalization of Social Investment: The Interplay of Investment Logics and Investor Rationalities," Journal of Social Entrepreneurship, Taylor & Francis Journals, vol. 1(1), pages 70-100, March.
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    More about this item

    Keywords

    social entrepreneurship; social finance; social investment; social financing instruments; social finance market;
    All these keywords.

    JEL classification:

    • L31 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Nonprofit Institutions; NGOs; Social Entrepreneurship
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation

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