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Journal of Economic Policy Reform Volume 24, 2021 - Issue 1: Social Impact Bonds
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Research Article

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

Stephen SinclairYunus Centre for Social Business and Health, Glasgow Caledonian University, Glasgow, UKCorrespondence[email protected]
ORCID Iconhttps://orcid.org/0000-0001-9595-0372
ORCID Icon,
Neil McHughYunus Centre for Social Business and Health, Glasgow Caledonian University, Glasgow, UKORCID Iconhttps://orcid.org/0000-0002-2567-1527
ORCID Icon &
Michael J. RoyYunus Centre for Social Business and Health, Glasgow Caledonian University, Glasgow, UKORCID Iconhttps://orcid.org/0000-0002-1834-0826
ORCID Icon
Pages 11-27 | Received 10 Apr 2017, Accepted 15 Jan 2019, Published online: 04 Feb 2019

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Asa Maron & James W. Williams. (2023) Limits to the financialisation of the state: exploring obstructions to social impact bonds as a form of financialised statecraft in the UK, Israel, and Canada. New Political Economy 28:6, pages 865-880.
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Thomas Wainwright & Graham Manville. (2023) Evolving Market Infrastructures: The Case of Assetization in UK Social Housing. Economic Geography 0:0, pages 1-23.
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James W. Williams. (2023) Charitable assets: social outcomes, financial values, and the new, nonprofit funding regime. Journal of Cultural Economy 16:4, pages 513-528.
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Christina Economy, Eleanor Carter & Mara Airoldi. (2023) Have we ‘stretched’ social impact bonds too far? An empirical analysis of SIB design in practice. International Public Management Journal 26:3, pages 413-436.
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Benedetta De Pieri, Veronica Chiodo & Francesco Gerli. (2023) Based on outcomes? Challenges and (missed) opportunities of measuring social outcomes in outcome-based contracting. International Public Management Journal 26:3, pages 437-462.
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Max French, Jonathan Kimmitt, Rob Wilson, David Jamieson & Toby Lowe. (2023) Social impact bonds and public service reform: back to the future of New Public Management?. International Public Management Journal 26:3, pages 376-395.
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Ana Cordeiro Santos. (2023) Conceptualising state financialisation: from the core to the periphery. New Political Economy 28:1, pages 142-154.
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Mats Fred & Dalia Mukhtar-Landgren. (2022) Productive resistance in public sector innovation – introducing social impact bonds in Swedish local government. Public Management Review 0:0, pages 1-18.
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Hepzibah Muñoz Martínez. (2022) Between the Washington, post-Washington, and Wall Street Consensus in the COVID era: the Mexican case. Studies in Political Economy 103:2, pages 182-193.
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Tima T. Moldogaziev, Cheol Liu & Mikhail Ivonchyk. (2022) Policy experimentation with impact financing: a systematic review of research on social impact bonds. Asia Pacific Journal of Public Administration 44:1, pages 81-99.
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Andrei Guter-Sandu. (2021) The Governance of Social Risks: Nurturing Social Solidarity through Social Impact Bonds?. New Political Economy 26:6, pages 1062-1077.
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Stefanie Tan, Alec Fraser, Neil McHugh & Mildred E. Warner. (2021) Widening perspectives on social impact bonds. Journal of Economic Policy Reform 24:1, pages 1-10.
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David Jamieson, Rob Wilson, Mike Martin, Toby Lowe, Jonathan Kimmitt, Jane Gibbon & Max French. (2020) Data for outcome payments or information for care? A sociotechnical analysis of the management information system in the implementation of a social impact bond. Public Money & Management 40:3, pages 213-224.
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Allison E. Tse & Mildred E. Warner. (2020) A Policy Outcomes Comparison: Does SIB Market Discipline Narrow Social Rights?. Journal of Comparative Policy Analysis: Research and Practice 22:2, pages 134-152.
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Articles from other publishers (25)

Mehdi Shiva. (2023) Seeking outcomes under tight budgets: A case for health impact bonds in Post‐COVID times. The International Journal of Health Planning and Management.
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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 30:5, pages 2101-2120.
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Helen Chiappini, Nicoletta Marinelli, Raja Nabeel-Ud-Din Jalal & Giuliana Birindelli. (2023) Past, present and future of impact investing and closely related financial vehicles: a literature review. Sustainability Accounting, Management and Policy Journal 14:7, pages 232-257.
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James W Williams. (2023) Finance interrupted: Social impact bonds, spatial politics, and the limits of financial innovation in the social sector. Environment and Planning A: Economy and Space.
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Thomas Walker, Sherif Goubran, Moein Karami, Adele Dumont-Bergeron, Tyler Schwartz & Kalima Vico. (2023) Mainstreaming social impact bonds: A critical analysis. Finance Research Letters 53, pages 103546.
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James W. Williams. (2021) “Let’s Not Have the Perfect Be the Enemy of the Good”: Social Impact Bonds, Randomized Controlled Trials, and the Valuation of Social Programs. Science, Technology, & Human Values 48:1, pages 91-114.
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Olli Tiikkainen, Matti Pihlajamaa & Maria Åkerman. (2022) Environmental impact bonds as a transformative policy innovation: Frames and frictions in the construction process of the Nutrient-EIB. Environmental Innovation and Societal Transitions 45, pages 170-182.
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Nadeen Purna & Stefano De Paoli. (2022) Social Innovation: Drawing Lines Around the Appropriative Usage by Mainstream Sectors. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations.
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Francesco Laruffa. (2022) Toward a post‐neoliberal social citizenship?. Constellations 29:3, pages 375-392.
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Ali Asghar Sadabadi & Zohreh Rahimi Rad. (2021) How can Cross-sector Partnership Promote Social Innovation?. Systemic Practice and Action Research 35:4, pages 471-490.
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Rebecca Grimwood, Tom Baker, Louise Humpage & Jacob Broom. (2021) Policy, fast and slow: Social impact bonds and the differential temporalities of mobile policy. Global Social Policy 22:1, pages 122-140.
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Max French, Katharine McGowan, Mary Lee Rhodes & Sharon Zivkovic. (2022) Guest editorial: Complexity as a model for social innovation and social entrepreneurship: is there order in the chaos?. Social Enterprise Journal 18:2, pages 237-251.
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Beatriu Canto Sancho, Tania P. Christopoulos, Ruth Espínola Soriano de Mello & Pedro Verga Matos. (2022) Social impact bonds as public policy: international panorama and contributions to implementation in Brazil. Revista de Administração Pública 56:2, pages 309-323.
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Beatriu Canto Sancho, Tania P. Christopoulos, Ruth Espínola Soriano de Mello & Pedro Verga Matos. (2022) Títulos de impacto social como política pública: panorama internacional e contribuições para a implementação no Brasil. Revista de Administração Pública 56:2, pages 309-323.
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Andrei Guter-Sandu & Andrea Mennicken. 2022. The New Politics of Numbers. The New Politics of Numbers 307 336 .
Jacob Broom. (2020) Social impact bonds and fast policy: Analyzing the Australian experience. Environment and Planning A: Economy and Space 53:1, pages 113-130.
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Maram AhmedMaram Ahmed. 2021. Innovative Humanitarian Financing. Innovative Humanitarian Financing 65 99 .
J. André Guerreiro & Hugo Pinto. 2021. Social Innovation and Entrepreneurship in the Fourth Sector. Social Innovation and Entrepreneurship in the Fourth Sector 59 85 .
Fatih Ozdemir, Ilker Murat Ar & Birdogan Baki. (2021) A decision model approach for determining social innovation potential of technological projects. Journal of Multi-Criteria Decision Analysis 28:1-2, pages 112-125.
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Paola Arrigoni, Lavinia Bifulco & Davide Caselli. (2020) Perché e come studiare la filantropiaWhy and how studying philanthropy. Towards a research agenda. Quaderni di Sociologia 82:LXIV, pages 3-23.
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Kevin Albertson, Chris Fox, Chris O’Leary & Gary Painter. (2020) Towards a Theoretical Framework for Social Impact Bonds. Nonprofit Policy Forum 11:2.
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Francesco Rania, Annarita Trotta, Rosella Carè, Maria Cristina Migliazza & Abdellah Kabli. (2020) Social Uncertainty Evaluation of Social Impact Bonds: A Model and Practical Application. Sustainability 12:9, pages 3854.
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Eleonora Broccardo, Maria Mazzuca & Maria Laura Frigotto. (2019) Social impact bonds: The evolution of research and a review of the academic literature. Corporate Social Responsibility and Environmental Management 27:3, pages 1316-1332.
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Yuliya Yelnikova & Irina Golochalova. (2020) Social Bonds as an Instrument of Responsible Investment. Financial Markets, Institutions and Risks 4:4, pages 119-128.
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Rosella Carè & Riccardo De Lisa. (2019) Social Impact Bonds for a Sustainable Welfare State: The Role of Enabling Factors. Sustainability 11:10, pages 2884.
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