Financialization as Welfare Social Impact Investing and British Soci
Providing an in-depth case study on the emergence of social impact investing in the UK, this book develops a new perspective on financialization processes that highlights the roles of non-financial actors. In contrast to the common view that impact invest
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Financialization as Welfare Social Impact Investing and British Social Policy, 1997-2016
Financialization as Welfare
Philipp Golka
Financialization as Welfare Social Impact Investing and British Social Policy, 1997-2016
Philipp Golka Sociology of Markets, Organizations and Governance Friedrich Schiller University Jena Jena, Thüringen, Germany
This work has been accepted as a PhD thesis (dissertation) at the Faculty of Social and Behavioral Sciences, Friedrich-Schiller-University Jena, Germany in 2018, as: Financialization as Welfare – Social Impact Investing and the Resonance of Financial Market Frames in British Social Policy, 1997–2016. ISBN 978-3-030-06099-2 ISBN 978-3-030-06100-5 https://doi.org/10.1007/978-3-030-06100-5
(eBook)
Library of Congress Control Number: 2018965203 © Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
For my father Jan. In loving memory.
Foreword
Since the turn of the century, social impact investing (SII) has been emerging as a new branch of sustainable investing. SII investors focus on the impact their investments have—not only the financial return on investment but also the “social impact” their investments entail. Put differently: in what way does the investment indeed improve the situation of the persons concerned? This question is particularly intriguing, as in the case of SII financial market instruments are employed to solve social problems. Ideally, both aspects turn out well: with the investment, the social as well as the financial goals are reached. While many SII researchers analyze the measurement or analysis of the social impact in question, Philipp Golka focuses on another aspect. He asks, how, and in what way
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