Tackling the Big Questions in Social Impact Bond Research through Comparative Approaches

Abstract

This special issue of theJournal of Comparative Policy Analysis brings together four cross-disciplinary articles representing the first concerted attempt to combine comparative approaches to extend theoretical and empirical understandings of Social Impact Bonds (SIBs). SIBs are investment-backed payment-by-results projects and have been subject to vigorous academic debate on their appropriateness and efficacy since the first SIB launched in 2010. This introduction to the special issue outlines the state of the academic literature on SIBs, identifying gaps and suggesting five big questions that do not yet have satisfactory answers: (1) What are the administrative or political problems to which SIBs respond? (2) Where and why do SIBs emerge in particular contexts? (3) What is the role of SIBs in the evidence-based policy movement? (4) Is delivering an intervention through a SIB more effective than other means and are associated costs justifiable? (5) Do SIBs catalyse wider organizational, system, or institutional changes? This introduction then summarizes the articles included in this special issue, discusses how they respond to these big questions, and suggests that further comparative research might best address remaining gaps in the literature.

Keywords:

• social impact bonds
• public management
• neoliberal
• marketization
• public service contracting

Acknowledgements

The contributions to this paper from Clare FitzGerald derive from independent research commissioned and funded by the UK Department for Digital, Culture, Media and Sport (DCMS) (Grant Reference A1589) and the Blavatnik School of Government at the University of Oxford. The views expressed in this publication are those of the author and not necessarily those of the DCMS, its arm’s length bodies, or other government departments.

The contributions to this paper from Alec Fraser derive from independent research commissioned and funded by the NIHR Policy Research Programme through its core support to the Policy and Innovation Research Unit (Project No: 102/0001). The views expressed in the publication are those of the author and not necessarily those of the NHS, the NIHR, the Department of Health and Social Care, its arm’s length bodies or other government departments.

Additional information

Notes on contributors

CLARE FitzGerald

Dr Clare FitzGerald is a Research Fellow at the Blavatnik School ofGovernment, University of Oxford. Her research focuses on publicsector performance measurement and management, informationuse in decision-making, and cross-sector collaboration.

Alec Fraser

Dr Alec Fraser is a Lecturer in Government & Business at King's BusinessSchool. His research centres on the use of evidence in policymaking and practice across the public sector with a particular focus

Jonathan Kimmitt

Dr Jonathan Kimmitt is a Lecturer in Entrepreneurship at Newcastle University Business School. Hisresearch explores issues related to entrepreneurship, internationaldevelopment and poverty.