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Social innovation, financialisation and commodification: a critique of social impact bonds

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  • Stephen Sinclair
  • Neil McHugh
  • Michael J. Roy

Abstract

Despite a lack of evidence of their effectiveness there is increasing enthusiasm for Social Impact Bonds (SIBs) from diverse political perspectives across the world. This paper argues that while SIBs may potentially be applicable to some technical policy interventions which address relatively simple conditions, they are inappropriate for the complex conditions characterising wicked social problems. Enthusiasm for and over-extension of SIBs reflects a simplistic view of “evidence-based” policy. More fundamentally, SIBs commodify citizens and redefine service users as problems and potential revenue sources rather than conscious agents. SIBs therefore exemplify a prevalent ideology of marketisation and financialisation in social policy.

Suggested Citation

  • Stephen Sinclair & Neil McHugh & Michael J. Roy, 2021. "Social innovation, financialisation and commodification: a critique of social impact bonds," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 24(1), pages 11-27, January.
    • Handle: RePEc:taf:jpolrf:v:24:y:2021:i:1:p:11-27
    DOI: 10.1080/17487870.2019.1571415
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    Cited by:

    1. Ali Asghar Sadabadi & Zohreh Rahimi Rad, 2022. "How can Cross-sector Partnership Promote Social Innovation?," Systemic Practice and Action Research, Springer, vol. 35(4), pages 471-490, August.
    2. Walker, Thomas & Goubran, Sherif & Karami, Moein & Dumont-Bergeron, Adele & Schwartz, Tyler & Vico, Kalima, 2023. "Mainstreaming social impact bonds: A critical analysis," Finance Research Letters, Elsevier, vol. 53(C).
    3. Rosella Carè & Stella Carè & Nathalie Lévy & Rabia Fatima, 2023. "Missing finance in social impact bond research? A bibliometric overview between past and future research," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2101-2120, September.

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