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Responding to failure: the promise of market mending for social enterprise

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  • Erynn E. Beaton
  • Elena Dowin Kennedy

Abstract

As more non-profits embrace social enterprise, it is important to examine the role social enterprise plays in society. Market failure is the prevailing economic theory explaining non-profits’ existence, and applies to social enterprise. However, market failure theory presents a contradiction: how can social enterprise activities address market failures if they use the market-based strategies that led to that failure? We resolve this contradiction by identifying two responses to market failure: market reallocation and market mending. We examine how these responses align with social enterprise and non-profit conceptions. We discuss implications for strategy, public policy, and research.

Suggested Citation

  • Erynn E. Beaton & Elena Dowin Kennedy, 2021. "Responding to failure: the promise of market mending for social enterprise," Public Management Review, Taylor & Francis Journals, vol. 23(5), pages 641-664, May.
    • Handle: RePEc:taf:rpxmxx:v:23:y:2021:i:5:p:641-664
    DOI: 10.1080/14719037.2020.1865438
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    Cited by:

    1. Jonghun Sun & Young Woo Sohn, 2021. "The Influence of Dual Missions on Employees’ Meaning of Work and Turnover Intention in Social Enterprises," Sustainability, MDPI, vol. 13(14), pages 1-14, July.

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