IDEAS home Printed from https://ideas.repec.org/a/edr/sswrgl/v7y2023i2p112-120.html
   My bibliography  Save this article

Crime Prevention through Social Finance and Social Impact Bonds

Author

Listed:
  • Caterina Galluccio

    (University of Chieti Pescara, Chieti, Italy)

Abstract

The rate of adoption of the Social Impact Bonds (SIBs) remains substantially low despite the perceived public attention. Even considering widespread interest in the SIBs model, the low adoption mode suggests that the program is still in its early diffusion phase. In a bid to reduce or control crime rates, the SIBs model represents one of the strategies geared toward social reforms. It was initially piloted in 2010 at Peterborough prison with private financing for crucial social programs. The government could only pay returns to successful programs as an underlying condition. Besides its adoption in the United Kingdom, several states in the United States borrowed similar SIBs programs. This paper examined various aspects of measures of converting cases of recidivism into valuable financial assets and the shortcomings of such programs within the domain of the criminal justice department.

Suggested Citation

  • Caterina Galluccio, 2023. "Crime Prevention through Social Finance and Social Impact Bonds," Sociology and Social Work Review, International Society for projects in Education and Research, vol. 7(2), pages 112-120, December.
    • Handle: RePEc:edr:sswrgl:v:7:y:2023:i:2:p:112-120
    as

    Download full text from publisher

    File URL: https://globalresearchpublishing.com/wp-content/uploads/2024/01/Crime-Prevention-through-Social-Finance-and-Social-Impact-Bonds.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Antony Bugg-Levine & Jed Emerson, 2011. "Impact Investing: Transforming How We Make Money while Making a Difference," Innovations: Technology, Governance, Globalization, MIT Press, vol. 6(3), pages 9-18, July.
    2. Marika Arena & Irene Bengo & Mario Calderini & Veronica Chiodo, 2016. "Social Impact Bonds: Blockbuster or Flash in a Pan?," International Journal of Public Administration, Taylor & Francis Journals, vol. 39(12), pages 927-939, October.
    3. Kean Birch & Fabian Muniesa, 2020. "Introduction: assetization and technoscientific capitalism," Post-Print halshs-02878694, HAL.
    4. Michel Callon & Fabian Muniesa, 2005. "Economic markets as calculative collective devices," Post-Print halshs-00087477, HAL.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rosella Carè & Stella Carè & Nathalie Lévy & Rabia Fatima, 2023. "Missing finance in social impact bond research? A bibliometric overview between past and future research," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2101-2120, September.
    2. Mazzuca, Maria & Panzera, Elena & Ruberto, Sabrina, 2023. "The investor's participation in social impact bonds," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 349-363.
    3. Ossandón, José, 2015. "Insurance and the sociologies of markets," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 17(1), pages 6-15.
    4. Steffen S. Bettin, 2020. "Electricity infrastructure and innovation in the next phase of energy transition—amendments to the technology innovation system framework," Review of Evolutionary Political Economy, Springer, vol. 1(3), pages 371-395, November.
    5. Christensen, Toke Haunstrup & Friis, Freja & Bettin, Steffen & Throndsen, William & Ornetzeder, Michael & Skjølsvold, Tomas Moe & Ryghaug, Marianne, 2020. "The role of competences, engagement, and devices in configuring the impact of prices in energy demand response: Findings from three smart energy pilots with households," Energy Policy, Elsevier, vol. 137(C).
    6. Belen Lopez & Alfonso Torres & Alberto Ruozzi & Jose Antonio Vicente, 2020. "Main Factors for Understanding High Impacts on CSR Dimensions in the Finance Industry," Sustainability, MDPI, vol. 12(6), pages 1-17, March.
    7. Guilherme Silva Fracarolli, 2021. "The Effects of Institutional Measures: Geographical Indication in Mercosur and the EU," Sustainability, MDPI, vol. 13(6), pages 1-16, March.
    8. Quinn, Martin & Feeney, Orla, 2022. "Domestic Waste Management in Ireland - the Journey Towards Financialization," QBS Working Paper Series 271266, Queen's University Belfast, Queen's Business School.
    9. Joanne P. Baron, 2018. "Making money in Mesoamerica: Currency production and procurement in the Classic Maya financial system," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 210-223, June.
    10. Harald Rohracher, 2009. "Intermediaries and the Governance of Choice: The Case of Green Electricity Labelling," Environment and Planning A, , vol. 41(8), pages 2014-2028, August.
    11. Eleonora Broccardo & Maria Mazzuca & Maria Laura Frigotto, 2020. "Social impact bonds: The evolution of research and a review of the academic literature," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(3), pages 1316-1332, May.
    12. Vormbusch, Uwe, 2008. "Talking numbers: Governing immaterial labour," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 10(1), pages 8-11.
    13. Williams, James W., 2013. "Regulatory technologies, risky subjects, and financial boundaries: Governing ‘fraud’ in the financial markets," Accounting, Organizations and Society, Elsevier, vol. 38(6), pages 544-558.
    14. Möllering, Guido, 2009. "Market constitution analysis: A new framework applied to solar power technology markets," MPIfG Working Paper 09/7, Max Planck Institute for the Study of Societies.
    15. Kenneth Amaeshi, 2010. "Different Markets for Different Folks: Exploring the Challenges of Mainstreaming Responsible Investment Practices," Journal of Business Ethics, Springer, vol. 92(1), pages 41-56, April.
    16. Anthony Piscitelli, 2023. "Classifying responsible investors: Identifying clusters of Ontario investors," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 94(4), pages 1133-1144, December.
    17. Christensen, Mark & Skærbæk, Peter, 2010. "Consultancy outputs and the purification of accounting technologies," Accounting, Organizations and Society, Elsevier, vol. 35(5), pages 524-545, July.
    18. Irene Bengo & Leonardo Boni & Alessandro Sancino, 2022. "EU financial regulations and social impact measurement practices: A comprehensive framework on finance for sustainable development," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(4), pages 809-819, July.
    19. Hayoun, Shaul, 2019. "How fair value is both market-based and entity-specific: The irreducibility of value constellations to market prices," Accounting, Organizations and Society, Elsevier, vol. 73(C), pages 68-82.
    20. Mahama, Habib & Chua, Wai Fong, 2016. "A study of alliance dynamics, accounting and trust-as-practice," Accounting, Organizations and Society, Elsevier, vol. 51(C), pages 29-46.

    More about this item

    Keywords

    social impact bond; social finance; crime prevention; criminal justice system; social needs.;
    All these keywords.

    JEL classification:

    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:edr:sswrgl:v:7:y:2023:i:2:p:112-120. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Serban Ionut (email available below). General contact details of provider: https://edirc.repec.org/data/ispedur.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.