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Abstract
This paper shows how Social Impact Bonds (SIBs) serve to expand privatization in areas of social reproduction and care work. SIBs extend neoliberalism and austerity in the social care sector through the financialization of care work. They open these domains as a new frontier for investment markets, creating inequity for already marginalized groups. The paper concludes with an overview of the SIB landscape in Canada and explores its possibilities for growth.
Disclosure statement
No potential conflict of interest was reported by the authors.
Notes
1 Colleges and Institutes Canada, “Social Finance.”
2 For more information on how SIBs function, see Joy and Shields, 2013.
3 Sanchez, “Investors Earn Max Initial Payment from Chicago’s ‘Social Impact Bond.’”
4 Whiteside, Purchase for Profit.
5 Office of the Auditor General of Ontario, “Infrastructure Ontario.”
6 PPP Canada, “Frequently Asked Questions.”
7 Office of the Auditor General of Ontario, “Infrastructure Ontario.”
8 Office of the Auditor General of Ontario “Infrastructure Ontario.”
9 Whiteside, “How Ottawa Shifts Spending.”
10 Bridges Impact, “Choosing Social Impact Bonds.”
11 Dowling, “In the Wake of Austerity,” 294–310.
12 Whitfield, “Alternative to Private Finance of the Welfare State.”
13 OECD, “Social Impact Bonds.”
14 Deloitte, “Social Impact Bonds in Canada.”
15 Deloitte, “Social Impact Bonds in Canada.”
16 Reynolds and Ou, “Early Childhood to Young Adulthood,” 1045–53. For more information on the study, see Reynolds, Success in Early Intervention. A full list of research can be found here: http://www.cehd.umn.edu/icd/research/cls/Effects.html; http://www.cehd.umn.edu/icd/research/cls/Paths.html.
17 Sanchez, “Investors Earn Max Initial Payment from Chicago’s ‘Social Impact Bond.’”
18 Loxley and Loxley, Public Service, Private Profits.
19 Whitfield, “Alternative to Private Finance of the Welfare State.”
20 Dowling, “Incorporate Or Mobilise?”
21 Cooper and Himick, “Social Impact Bonds,” 63–82.
22 Bezanson and Luxton, “Introduction,” 3–10.
23 Bezanson, “The Neo-Liberal State and Social Reproduction.”
24 Fraser, “Contradictions of Capital and Care,” 99–117.
25 This has never been entirely the case because many working class, racialized, and immigrant women have historically been employed in the labour force. Furthermore, men have always been involved to some degree in social reproductive labour.
26 Braedley and Luxton, “Someone to Watch over You.”
27 Braedley and Luxton, “Someone to Watch over You.”
28 Bezanson, “The Neo-Liberal State and Social Reproduction.”
29 Bezanson. “The Neo-Liberal State and Social Reproduction.”
30 Evans, Richmond, and Shields, “Structuring Neoliberal Governance,” 73–97.
31 Folbre, “Demanding Quality.”
32 Neysmith, Bezanson and O’Connell, Telling Tales.
33 Folbre, “Demanding Quality.”
34 Evans, Richmond and Shields, “Structuring Neoliberal Governance,” 73–97.
35 Evans, Richmond and Shields, “Structuring Neoliberal Governance,” 73–97.
36 Baines et al., “Not Profiting from Precarity,” 74–93.
37 McHugh et al., “Social Impact Bonds,” 247–57.
38 Princeton University, “Social Impact Bonds.”
39 Dowling, “In the Wake of Austerity,” 294–310.
40 Whitfield, “Alternative to Private Finance of the Welfare State.”
41 McGoey, “The Philanthropic State,” 109–25.
42 Whitfield, “Alternative to Private Finance of the Welfare State.”
43 Martin, Financialization of Daily Life.
44 Bryan and Rafferty, “Financial Derivatives as Social Policy beyond Crisis,” 887–903.
45 Bryan and Rafferty, “Financial Derivatives as Social Policy beyond Crisis,” 887–903.
46 Sanchez, “Investors Earn Max Initial Payment from Chicago’s ‘Social Impact Bond.’”
47 Bloomer, “Revealed.”
48 Cooper, Graham, and Himick, “Social Impact Bonds,” 63–82.
49 Colleges and Institutes Canada, “Social Finance.”
50 National Union of Public and General Employees, “60% of Social Impact Bond Funds Spent on Overhead and Profits.”
51 Employment and Social Development, “Social Innovation and Social Finance Strategy Co-Creation Steering Group.”
52 Monsebraaten, “Groundbreaking MaRS Funding Initiative Takes Aim at High Blood Pressure.”
53 Government of Saskatchewan, “Innovative Sweet Dreams Project.”
54 Government of Saskatchewan, “Social Impact Bond Will Improve Graduation Rates for Mother Teresa Middle School Students.”
55 CUPE Saskatchewan, “Submission to the Advisory Panel on K-12 Education Governance Review.”
56 Cooper, Graham, and Himick, “Social Impact Bonds,” 63–82.
57 Province of Manitoba, “Province Announces Request for Proposals for Social Impact Bonds.”
58 Whiteside, Purchase for Profit.”
59 Whitfield, “Alternative to Private Finance of the Welfare State.”
60 Dowling, “In the Wake of Austerity,” 294–310.
61 gov.uk., “Social Investment Tax Relief.”
62 Cabinet Office, “The Social Outcomes Fund, Cabinet Office UK”; Cabinet Office, “The Social Outcomes Fund.” https://www.gov.uk/government/publications/social-outcomes-fund-how-to-apply.
63 Boutilier and Wallace, “MaRS Bailout Could Cost up to $477 Million.”
64 Ontario.ca., “Impact.”
65 SVX, “SVX – About Us.”
66 Employment and Social Development, “Social Innovation and Social Finance Strategy Co-Creation Steering Group.”
67 House of Commons, “Exploring the Potential of Social Finance in Canada.”
68 Deloitte, “Social Impact Bonds in Canada.”
69 Gustafsson-Wright, Gardiner, and Putcha, “The Potential and Limitations of Impact Bonds.”
70 Whitfield, “Alternative to Private Finance of the Welfare State.”
71 Deloitte, “Social Impact Bonds in Canada.”
72 Jeram and Wilkinson, “Investing for Success.”
73 Müller, “Harnessing Private Finance to Attain Public Policy Goals?”
74 Deloitte, “Social Impact Bonds in Canada.”
75 Whiteside, “New Canada Infrastructure Bank Plays Poker with Public Assets.” Whitfield, “Alternative to Private Finance of the Welfare State.”
Additional information
Notes on contributors
Sarah Ryan
Sarah Ryan works as a Senior Research Officer at the Canadian Union of Public Employees in Ottawa, Ontario, Canada.
Margot Young
Margot Young recently retired from working as a Senior Research Officer at the Canadian Union of Public Employees in Ottawa, Ontario, Canada.