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The Financialization of Welfare

  • Philipp Golka
Chapter

Abstract

In this chapter, Golka provides a much-needed analysis of how social impact investing in the UK can be seen as a case of financialization. To that end, Golka shows how those interventions that proponents deem as creating “social impact” entail severe constraints to nonfinancial actors’ possibilities to act. Investors, on the other hand, gain an increasingly central governance position as they are ascribed the authority to define what counts and does not count as social impact, while they are enabled to redefine profit-maximizing activity as impactful through new labels such as “finance-first impact investor.” Analyzing financial data, Golka shows how this social impact economy allows investors to extract revenues from public and charitable organizations, and redistribute resources from labor to capital.

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Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Philipp Golka
    • 1
  1. 1.Sociology of Markets, Organizations and GovernanceFriedrich Schiller University JenaJenaGermany

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