Widening perspectives on social impact bonds. Issue 1 (2nd January 2021)

• Record Type: Journal Article
• Authors: Tan, Stefanie; Fraser, Alec; McHugh, Neil; Warner, Mildred E.
• Is Part Of: Journal of economic policy reform. Volume 24:Issue 1(2021)
• Page Start: 1
• Page End: 10
• Publication Date: 2021-01-02
• Subjects: Social impact bonds -- pay for success -- performance pay -- payment by results; H75: State and Local -- Government: Health -- H50 National Government Expenditures and Related Policies: General Education -- Welfare -- Public Pensions -- I00 Health, Education, and Welfare: General; Economic policy -- Periodicals; Commercial policy -- Periodicals; Monetary policy -- Periodicals; International trade -- Periodicals; Developing countries -- Economic policy -- Periodicals; Former Soviet republics -- Economic policy -- Periodicals; Post-communism -- Periodicals; Policy sciences -- Periodicals; 338.9
• DOI: 10.1080/17487870.2019.1568249
• Languages: English
• ISSNs: 1748-7870

Abstract

ABSTRACT: Social Impact Bonds (SIBs) are a novel financing mechanism for public services delivery. This special issue about SIBs in the UK argues that they necessitate closer examination to understand the implications for all stakeholders. This introductory paper critically explores and challenges dominant practitioner narratives of SIBs as "win-win" solutions for governments and service providers. While SIBs may foster innovation it is unclear if they deliver better value given the complexity of public services. SIBs are a strategically ambiguous policy tool and policymakers should be cautious about SIBs due to contractual complexity and issues with ethics, governance, accountability and transparency.