Meghan Joy and Dr. John Shields
In a post sub-prime mortgage induced financial crisis, another financial tool that risks increasing precarity for those most vulnerable is becoming increasingly popular in a political climate of austerity.
Social Impact Bonds (SIBs) are a social policy tool that claims to solve complex policy problems, such as homelessness, unemployment, and recidivism, through the scientific methods of financial modelling. Actively supported by several governments worldwide – there are currently 54 projects in 13 countries – SIBs provide a mechanism to turn the risky behaviours of vulnerable individuals into a form of profit making for private impact investors. SIB projects target population groups, such as the homeless, troubled youth, and obese, whose problems result in costly use of emergency-oriented public services such as shelters, prisons, and hospitals. In this way, SIBs are positioned as preventative, allowing future savings on costly public programs. These savings, also known as impacts, outcomes, or results are measured for their social value created (Dowling & Harvie, 2014). The SIB instrument places a current price on anticipated social value based on the assessed future risk that participants will not be reformed. Risks become a reward as investors bet on the extent to which vulnerable people will be transformed.

Amy Clair, Postdoctoral Researcher, University of Oxford
Dr Marian Duggan, Lecturer in Criminology, University of Kent
Alexandra Chapman
Mike Hemmings
Nat O’Connor, IRiSS, Ulster University
Genevieve Fuji Johnson, Laura Black and Katherine Knobloch
Colin Knox
Social security systems are being transformed according to untested assumptions about how benefit recipients act. Sharon Wright provides evidence to challenge several core myths on which British welfare reforms have been based. There is a wide gap between the dominant way in which welfare subjects are represented in political and media debate and the lived experiences of those receiving benefits and using support services.