Monetising social impact: a critique of the ‘Financialisation’ of social value

Michael J. Roy*, Simon Teasdale

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review

Abstract

In this chapter the authors will critically examine the concept of ‘social value’, and how it has come to be tied up with the commodification and financialisation of everyday life. Drawing on Polanyi’s concept of ‘fictitious commodification’, the authors will draw upon two main examples to illustrate this point. The emergence of Social Impact Bonds and social impact measurement tools such as Social Return on Investment have troubling implications, furthering what Polanyi identified as the ‘market society’. This chapter outlines what may be done to refocus attention on what it means to ‘value’ the social, and how new thinking is needed to shape an economy from the ashes of the old [Relevant SDGs: SDG3: Good Health and Wellbeing; SDG 11: Sustainable cities and communities].
Original languageEnglish
Title of host publicationSocial Impact Measurement for a Sustainable Future: The Power of Aesthetics and Practical Implications
EditorsRichard Hazenberg, Claire Paterson-Young
Place of PublicationCham
PublisherPalgrave Macmillan
Chapter11
Pages211-228
Number of pages18
Edition1
ISBN (Electronic)9783030831523
ISBN (Print)9783030831516
DOIs
Publication statusPublished - Nov 2021

Keywords

  • social value
  • social impact
  • social impact bonds
  • Social return on investment
  • Financialisation
  • commodification

Fingerprint

Dive into the research topics of 'Monetising social impact: a critique of the ‘Financialisation’ of social value'. Together they form a unique fingerprint.

Cite this