Using derivative logic to speculate on the future of the social investment market

References

• Arena, M., Bengo, I., Calderini, M., & Chiodo, V. (2016). Social impact bonds: Blockbuster or flash in a pan? International Journal of Public Administration, 39(12), 927–939. doi:10.1080/01900692.2015.1057852
   Web of Science ®Google Scholar
• Armendariz de Aghion, B., & Morduch, J. (2005). The economics of microfinance. Cambridge, MA: MIT Press.
   Google Scholar
• Arvelo, M., Bell, J.-L., Novak, C., Rose, J., & Venugopal, S. (2008). Morgan Stanley’s approach to assessing credit risks in the microfinance industry. Journal of Applied Corporate Finance, 20(1), 124–134. doi:10.1111/j.1745-6622.2008.00175.x
   Google Scholar
• Berg, J., Nelson, F., & Rietz, T. (2003) Accuracy and forecast standard error of prediction markets. Working Paper. Tippie College of Business. Retrieved from http://www.biz.uiowa.edu/iem/archive/forecasting.pdf
   Google Scholar
• Berndt, C., & Wirth, M. (2018). Market, metrics, morals: The social impact bond as an emerging social policy instrument. Geoforum, 90, 27–35. doi:10.1016/j.geoforum.2018.01.019
   Web of Science ®Google Scholar
• Bolton, E., & Savell, L. (2010). Towards a new social economy. Blended value creation through social impact bonds. London, UK: Social Finance Ltd.
   Google Scholar
• Bowman, J. H., MacManus, S., & Mikesell, J. L. (1992). Mobilizing resources for public services: Financing urban governments. Journal of Urban Affairs, 14(3/4), 311–335. doi:10.1111/j.1467-9906.1992.tb00292.x
   Google Scholar
• Bryan, D., Martin, R., & Rafferty, M. (2009). Financialization and Marx: Giving labor and capital a financial makeover. Review of Radical Political Economics, 41(4), 458–472. doi:10.1177/0486613409341368
   Web of Science ®Google Scholar
• Bryan, D., & Rafferty, M. (2006). Capitalism with derivatives: A political economy of financial derivatives, capital and class. Basingstoke, UK: Palgrave.
   Google Scholar
• Bryan, D., & Rafferty, M. (2014). Financial derivatives as social policy beyond crisis. Sociology, 48(5), 887–903. doi:10.1177/0038038514539061
   Google Scholar
• Cabinet Office. (2014) Press release: £23 million to help homeless turn around their lives. Retrieved from https://www.gov.uk/government/news/23-million-to-help-homeless-turn-around-their-lives
   Google Scholar
• Cabinet Office. (2017). Introduction and guidance to developing social impact bonds, information about sources of funding and available support. Retrieved from https://www.gov.uk/guidance/social-impact-bonds
   Google Scholar
• Cooper, C., Graham, C., & Himick, D. (2016). Social impact bonds: The securitization of the homeless. Accounting, Organizations & Society, 55, 63–82. doi:10.1016/j.aos.2016.10.003
   Web of Science ®Google Scholar
• Cull, R., Demirgüç-Kunt, A., & Morduch, J. (2011). Does regulatory supervision curtail microfinance profitability and outreach? World Development, 39, 949–965. doi:10.1016/j.worlddev.2009.10.016
   Web of Science ®Google Scholar
• Disley, E., Giacomantonio, C., Kruithof, K., & Sim, M. (2015). The payment by results social impact bond pilot at HMP Peterborough: Final process evaluation report. London, UK: Ministry of Justice. Retrieved from https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/486512/socialimpact-bond-pilot-peterborough-report.pdf
   Google Scholar
• Disley, E., & Rubin, J. (2014). Phase 2 report from the payment by results Social Impact Bond pilot at HMP Peterborough. London, UK: Ministry of Justice.
   Google Scholar
• Dowling, E. (2016). Valorised but not valued? Affective remuneration, social reproduction and feminist politics beyond the crisis. British Politics, 11(4), 452–468. doi:10.1057/s41293-016-0036-2
   Web of Science ®Google Scholar
• Dowling, E. (2017). In the wake of austerity: Social impact bonds and the financialisation of the welfare state in Britain. New Political Economy, 22(3), 294–310. doi:10.1080/13563467.2017.1232709
   Web of Science ®Google Scholar
• Dowling, E., & Harvie, D. (2014). Harnessing the social: State, crisis and (big) society. Sociology, 48(5), 869–886. doi:10.1177/0038038514539060
   Google Scholar
• Giles, C. (2017, September 26) PFI discredited by cost, complexity and inflexibility. Financial Times.
   Google Scholar
• Golka, P. (2016, June 24–26). How private profits became “public benefit” — A case study of Impact Investing and the financialization of welfare in the U.K. Society for the Advancement of Socio-Economics Conference, Berkeley, California
   Google Scholar
• Gonzalez, S., & Oosterlynck, S. (2014). Crisis and resilience in a finance-led city: Effects of the global financial crisis in Leeds. Urban Studies, 51(15), 3164–3179. doi:10.1177/0042098013519142
   Web of Science ®Google Scholar
• Goodhart, C. (1975) Problems of monetary management: The UK experience. Papers in Monetary Economics, Reserve Bank of Australia 1.
   Google Scholar
• Gustafsson-Wright, E., & Gardiner, S. (2016). Using impact bonds to achieve early childhood development outcomes in low- and middle-income countries. Washington, DC: Brookings Institution.
   Google Scholar
• Harvie, D. (forthcoming). (Big) society and (market) discipline: Social investment and the financialisation of social reproduction. Historical Materialism.
   Web of Science ®Google Scholar
• Harvie, D., & Ogman, R. (forthcoming). The broken promises of the social investment market. Environment and Planning A: Economy and Space.
   Web of Science ®Google Scholar
• Hina, H. (2013). Commercialisation of microfinance in Pakistan (Unpublished PhD Thesis). University of Leicester, UK.
   Google Scholar
• Hina, H., Khan, M., & Lightfoot, G. (2009). Microfinance and the masters of the universe: A cautionary tale. Working Paper School of Management, University of Leicester, UK.
   Google Scholar
• HM Treasury. (2011). The Magenta Book. Retrieved from https://www.gov.uk/government/publications/the-magenta-book
   Google Scholar
• Horesh, R. (2015). Why I don’t like social impact bonds. Retrieved from http://socialgoals.com/why-i-don-t-like-social-impact-bonds.html
   Google Scholar
• Hoskin, K. (1996). The “awful idea of accountability”: Inscribing people into the measurement of object. In R. Munro & J. Mouritsen (Eds.), Accountability: Power, ethos and the technologies of managing (pp. 265–282). London, UK: International Thomson Business Press.
   Google Scholar
• “Impact investing” inches from niche to mainstream. (2017, January 5). The Economist.
   Google Scholar
• Keys, B., Mukherjee, T., Seru, A., & Vig, V. (2010). Did securitization lead to lax screening? Evidence from subprime loans. The Quarterly Journal of Economics, 125(1), 307–362. doi:10.1162/qjec.2010.125.1.307
   Web of Science ®Google Scholar
• Lake, R. W. (2015). The financialization of urban policy in the age of Obama. Journal of Urban Affairs, 37(1), 75–78. doi:10.1111/juaf.12167
   Web of Science ®Google Scholar
• Lake, R. W. (2016). The subordination of urban policy in the time of financialization. In J. DeFilippis (Ed.), Urban policy in the time of Obama (pp. 45–64). Minneapolis, MN: University of Minnesota Press.
   Google Scholar
• Leach, S., & Roberts, M. (2011). Exploring the local political context of the recession. In J. Richardson (Ed.), From recession to renewal. The impact of the financial crisis and public services and local government (pp. 111–134). Bristol, UK: Policy Press.
   Google Scholar
• Lewis, M. (1989). Liar’s poker: Rising through the wreckage on Wall Street. New York, NY: W.W. Norton.
   Google Scholar
• Liebman, J. B. (2011). Social impact bonds: A promising new financing model to accelerate social innovation and improve government performance. Center for American Progress. Retrieved from https://cdn.americanprogress.org/wp-content/uploads/issues/2011/02/pdf/social_impact_bonds.pdf
   Google Scholar
• Macintosh, N., Shearer, T., Thornton, D., & Welker, M. (2000). Accounting as simulacrum and hyperreality: Perspectives on income and capital. Accounting, Organizations and Society, 25, 13–50. doi:10.1016/S0361-3682(99)00010-0
   Web of Science ®Google Scholar
• Martin, R. (2007). An empire of indifference: American war and the financial logic of risk management. Durham, NC: Duke.
   Google Scholar
• Martin, R. (2015). Knowledge Ltd: Toward a social logic of the derivative. Philadelphia, PA: Temple.
   Google Scholar
• McHugh, N., Sinclair, S., Roy, M., Huckfield, L., & Donaldson, C. (2013). Social impact bonds: A wolf in sheep’s clothing? Journal of Poverty and Social Justice, 21(3), 247–257. doi:10.1332/204674313X13812372137921
   Google Scholar
• Ministry of Justice. (2017). Freedom of Information Act Request (FOIA) – 113241. Retrieved from https://www.whatdotheyknow.com/request/420041/response/1024468/attach/5/FOI%20113241%20reply.pdf?cookie_passthrough=1
   Google Scholar
• Mitchell, K. (2017). Metrics millennium: Social impact investment and the measurement of value. Comparative European Politics, 15(5), 751–770. doi:10.1057/s41295-016-0081-7
   Web of Science ®Google Scholar
• Mitropolous, A., & Bryan, D. (2015). Social benefit bonds: Financial markets inside the state. In G. Meagher & S. Goodwin (Eds.), Markets, rights and power in Australian social policy (pp. 153–168). Sydney, Australia: University of Sydney Press.
   Google Scholar
• Morduch, J. (2000). The microfinance schism. World Development, 28(4), 617–629. doi:10.1016/S0305-750X(99)00151-5
   Web of Science ®Google Scholar
• Neyland, D. (2017). On the transformation of children at-risk into an investment proposition: A study of Social Impact Bonds as an ante-market device. Sociological Review, 66(3), 492–510. doi:10.1177/0038026117744415
   Web of Science ®Google Scholar
• Nicholls, A., & Tomkinson, E. (2013). The Peterborough pilot social impact bond. Oxford, UK: Saïd Business School.
   Google Scholar
• Oosterlynck, S., & Gonzalez, S. (2013). Don’t waste a crisis: Opening up the city yet again for neoliberal experimentation. International Journal of Urban and Regional Research, 37(3), 1075–1082. doi:10.1111/1468-2427.12064
   Web of Science ®Google Scholar
• Peck, J., Theodore, N., & Brenner, N. (2010). Postneoliberalism and its malcontents. Antipode, 41(1), 94–116. doi:10.1111/anti.2010.41.issue-s1
   Google Scholar
• Peck, J, & Tickell, A. (2002). Neoliberalizing space. Antipode, 34(3), 380–404.
   Web of Science ®Google Scholar
• Perkins, D., Nelms, L., & Smyth, P. (2004). Beyond neo-liberalism: The social investment state? Social Policy Working Paper No. 3. Melbourne, Australia: Centre for Public Policy, University of Melbourne. Retrieved from http://www.bsl.org.au/pdfs/beyondneoliberalismsocialinvestmentstate.pdf
   Google Scholar
• Porter, D., & Craig, D. (2004). The third way and the third world: Poverty reduction and social inclusion in the rise of “Inclusive Liberalism.” Review of International Economy, 11(2), 387–423.
   Google Scholar
• Prime Minister’s Office. (2018, March 9) Press release: PM commissions industry taskforce on social impact investment. Retrieved from https://www.gov.uk/government/news/pm-commissions-industry-taskforce-on-social-impact-investment
   Google Scholar
• Richey, M. (2005). Thoughts on the theory and practice of speculative markets qua event predictors. Essays in Philosophy, 6(1). Retrieved from http://www.humboldt.edu/~essays/richey.html
   Google Scholar
• Rosenman, E. (2017). The geographies of social finance: Poverty regulation through the “invisible heart” of markets. Progress in Human Geography, 43(1), 141–162. doi:10.1177/0309132517739142
   Web of Science ®Google Scholar
• Rowell, S. (2016). Designing a social investment fund for UK pensions: A technical paper. London, UK: Big Society Capital.
   Google Scholar
• Roy, A. (2010). Poverty capital: Microfinance and the making of development. London, UK: Routledge.
   Google Scholar
• Sallis, S., Wishart, R., & McKay, S. (2018). Evaluation of the Innovation Fund pilot: Quantitative assessment of impact and social return on investment. Department for Work & Pensions. Retrieved from https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/737021/evaluation-of-the-innovation-fund-pilot-quantitative-assessment-of-impact-and-social-return-on-investment.pdf
   Google Scholar
• Shiller, R. J. (2012). Finance and the good society. Princeton, NJ: Princeton University Press.
   Google Scholar
• Sinclair, S., McHugh, N., Huckfield, L., Roy, M., & Donaldson, C. (2014). Social impact bonds: Shifting the boundaries of citizenship. In K. Farnsworth, Z. Irving, & M. Fenger (Eds.), Social policy review 26: Analysis and debate in social policy (pp. 111–128). Bristol, UK: Policy Press.
   Google Scholar
• Social Finance. (2017). World’s 1st social impact bond shown to cut reoffending and to make impact investors a return. Retrieved from https://www.socialfinance.org.uk/sites/default/files/news/final-press-release-pb-july-2017.pdf
   Google Scholar
• Social Finance. (2018) Impact bond global database. Retrieved from https://sibdatabase.socialfinance.org.uk/
   Google Scholar
• Social Impact Investment Taskforce. (2014). Impact investment: The invisible heart of markets. Retrieved from http://www.socialimpactinvestment.org/reports/Impact%20Investment%20Report%20FINAL[3].pdf
   Google Scholar
• Strathern, M. (1999). Criticizing Best Practice. History of the Human Sciences, 12(4), 139–140. doi:10.1177/095269519901200423
   Web of Science ®Google Scholar
• Tse, A., & Warner, M. (2017, March 23 and 24th) The razor’s edge: Social Impact Bonds and the financialization of early childhood services. Paper presented at Social Finance, Impact Investing and the Financialization of the Public Interest Conference, Hamburg, Germany.
   Google Scholar
• Warner, M. E. (2013). Private finance for public goods: Social impact bonds. Journal of Economic Policy Reform, 16(4), 303–319. doi:10.1080/17487870.2013.835727
   Web of Science ®Google Scholar
• Warner, M. E. (2015). Profiting from public value? The case of social impact bonds. In J. Bryson, B. Crosby, & L. Bloomberg (Eds.), Creating public value in practice (pp. 143–160). New York, NY: CRC Press.
   Google Scholar
• Whitfield, D. (2015). Alternative to private finance of the welfare state: A global analysis of social impact bond, pay-for-success & development impact bond projects. Adelaide, Australia: Australian Workplace Innovation and Social Research Centre and European Services Strategy Unit.
   Google Scholar
• Wigan, D. (2009). Financialisation and derivatives: Constructing an artifice of indifference. Competition & Change, 13(2), 157–172. doi:10.1179/102452909X417033
   Google Scholar
• Williams, A., Goodwin, M., & Cloke, P. (2014). Neoliberalism, big society, and progressive localism. Environment and Planning A, 46(12), 2798–2815. doi:10.1068/a130119p
   Web of Science ®Google Scholar