Social Service, Private Gain

Jesse Hajer is an assistant professor in the Department of Economics and Labour Studies program at the University of Manitoba. John Loxley was a professor in the Department of Economics at the University of Manitoba and a Fellow of the Royal Society of Canada.

Preface 
Acknowledgements 
List of Tables 
List of Figures 

INTRODUCTION

Part A: The Characteristics and Emergence of the Social Impact Bond Model

Chapter 1: The Structure of Social Impact Bonds 
Introduction 
I. Defining SIBs 
II. Public versus Private Dimensions in Social Service Provision
III. Defining Features of SIBs 
IV. Conclusion 

Chapter 2: The Short History of SIBs and the Development of the Enabling Field 
Introduction 
I. The Scale of Impact Bonds by Sector 
II. The Distribution of SIBs by Country 
III. SIBs Delivering results 
IV. Investor returns 
V. Conclusion 

Part B: Efficiency-Based Explanations of SIB Emergence

Chapter 3: The Rationale of SIBs 
Introduction 
I. Claim 1: SIBs Allow More Social Programs to be Delivered 
II. Claim 2: Better programs: Higher quality and greater effectiveness 
III. Claim 3: Better system: 
IV. Conclusion 

Chapter 4: Social Impact Bonds as Public Private Partnerships
Introduction 
I. Review of the Public Private Partnership (PPP) Infrastructure Delivery Model
II. SIBs as Public Private Partnerships
III. Economic Theory and Modeling of PPPs and SIBs
IV. A Comparative Framework for Evaluating SIBs versus conventional procurement 
V. Conclusion

Part C: The Political Economy of SIBS

Chapter 5: Private Institutional Participants in SIBs
Introduction 
I. The Institutional Participants in SIBs
II. Service Providers: The Significance of the Non-Profit Form 
III. Altruism, Intrinsic Motivation and Reciprocity 
IV. Implications for SIB Implementation and Design
V. Conclusion

Chapter 6: Government
Introduction 
I. Motivations of Government
II. Relative Cost Critique
III. Theories of the State
IV. Implications for SIB Design and Regulation
V. Conclusion

Chapter 7: The Political Economic Context of SIB Emergence
Introduction
I. Defining neoliberalism
II. Financialization
III. Comparative Analysis of SIB Leaders and Followers
IV. Side note: The UK Versus the US
V. Conclusion

Chapter 8: Development Impact Bonds
Introduction
I. Expanding Enabling Fields 
II. Examples of DIBs 
III. Other Observations on Existing DIBs 
IV. A Closer Look at the Claimed Rationale of Results-Based Aid and its Challenges 
V. Are DIBs the Future for Foreign Aid? 
VI. DIBs and the Need for Foreign Aid 

Chapter 9: Policy Recommendations, Reforms and Alternatives 
Introduction 
I. Recap of Policy Recommendations 
II. The Micro Alternative: Conventional delivery through (re)building state capacity 
III. The Macro Alternative: Universalism vs. Individualized Approaches 
IV. Conclusion 

References 

Appendix A Review of Meta-analytical Studies on Common SIB Policy Sectors 
Appendix B: Sector Proportion of SIBs, by Country 
Appendix C: Reported and Estimated SIB Maximum and Expected Investor Returns 
Appendix D: Description of Value for Money Analysis in Applied Public Finance 
Appendix E: Social Investment and Entrepreneurship Concepts 
Appendix F: Development Impact Bonds