The Future Of The Social Investment State

Social investment is part of a strategy to modernize the European welfare states by focusing on human resource development throughout the life-course, while ensuring financial sustainability. The last decades have seen cost containment in areas such as pensions and health care, but also expansion in areas such as early childhood education, higher education and active labor market policies. This development is linked to a Social Investment (SI) approach, which should, ideally, promote a better reconciliation of work and family life, high levels of labor market productivity and strong economic growth, while also mitigating social inequality. However, institutionalization of policies that may mainly benefit the middle class has some unintended effects, such as perpetuating new inequalities and the creation of other Matthew effects. While research on the rise of the social investment state as a new paradigm of social policy-making for European welfare states has grown significantly, there are still important gaps in the literature. The chapters in this book address the controversies around social investment related to inequalities, individual preferences and the politics of social investment. This volume is therefore organized around policies, politics and outcomes. The contributing authors bring together expert knowledge and different perspectives on SI from several disciplines, with original path-breaking empirical contributions, addressing some key questions that thus far are unanswered, related to Matthew effects, inequalities, ambiguities of social investment and institutional complementarities. Furthermore, it is the first volume that covers the core policy areas of social investment: childcare, education and labour market policies. The chapters in this book were originally published in a special issue of the Journal of European Public Policy.

Since the late 1990s, new strategies concerning the role and shape of welfare states have been formulated, many of which are guided by a logic of social investment. This book maps out this new perspective and assesses both its achievements and shortcomings. In doing so, it provides a critical analysis of social investment ideas and policies and opens up for discussion many of Europe's most pressing concerns--such as an aging population, the current economic crisis, and environmental issues-- and whether social investment can provide adequate responses to these challenges.

Historically, the welfare state of the 20th century, which was built on the foundation of an industrial economy, seems poorly adapted to a 21st-century information age. Socially, profound demographic shifts--especially an aging population, increasing numbers of women in the labor force, and surging immigration--pose challenges for traditional programs. Economically, the legacy of social entitlements, which has been addressed through deficit spending, is untenable insofar as they squeeze out essential discretionary programs. Politically, the demise of the Left, signified by Brexit, the election of Donald Trump to the presidency, and less successful populist movements in Europe and Australia, continues a conservative vector in social policy. The confluence of these factors increases the likelihood of reform of a nation's social infrastructure. The Investment State provides a template for future social policy, which can be adapted to cities, states, nations, and international trade agreements. It serves as a sequel to the author's previous book, The Dynamic Welfare State (OUP, 2016)--which included a theory of welfare state decline--by envisioning a new paradigm for social programs.

The turn towards a Social Investment approach to welfare implies deploying resources to enhance human capital and mobilise the productive potential of citizens, starting in early childhood. This edited collection brings regional and local realities to the forefront of social investment debates by showcasing successes, challenges and setbacks of Social Investment policies and services from ten European countries: Italy, UK, Sweden, Finland, Greece, Germany, Poland, the Netherlands, Hungary, and Spain. It provides practical, accessible illustrations of good practice, routes to success, and lessons learned. The book is informed throughout by engagement with service users and local communities, and features many previously unheard voices including front-line workers, local decision makers, volunteers and beneficiaries.

Welfare states around the globe are changing, challenged by the development of knowledge economies. In many countries, policy-makers' main response has been to modernize welfare states by focusing on future-oriented social investment policies that focus on creating, mobilizing, and preserving human skills and capabilities. Yet, there is massive variance in the development of social investment strategies. The World Politics of Social Investment: Welfare States in the 21st Century is the first of two volumes of the World Politics of Social Investment (WOPSI) project, which systematically maps and explains different welfare reform strategies in democratic countries around the world. This volume develops a theory on the political and socio-economic conditions for the development of social investment policies around the globe, and studies the impact of the main explanatory factors on the empirical variety of social investment reforms (and non-social investment reforms). It also proposes a new typology of different welfare reform strategies, distinguishing nine types of social investment strategies depending on their functions (creating, mobilizing and preserving human skill and capabilities) and their distributive profiles (inclusive, stratified or targeted), and three types of non-social investment welfare strategies (market liberalism, social protectionism and basic income). The chapters of this volume are written by leading social policy scholars from different disciplines and countries, who apply the WOPSI global theoretical framework in a range of contexts and policy fields, shedding light on the scope conditions of social investment, as well as political demand- and supply-side drivers of social investment reforms. This volume on its own or in conjunction with the second volume is an invaluable resource on the state of modern welfare and social investment policies from around the globe.

Welfare states around the globe are changing, challenged by the development of knowledge economies. In many countries, policy-makers' main response has been to modernize welfare states by focusing on future-oriented social investment policies that focus on creating, mobilizing, and preserving human skills and capabilities. Yet, there is massive variance in the development of social investment strategies. The World Politics of Social Investment: Political Dynamics of Reform is the second of two volumes of the World Politics of Social Investment (WOPSI) project, which systematically maps and explains different welfare reform strategies in democratic countries around the world. This volume traces the development of social investment reforms across the regions of Nordic, Continental, and Southern Europe, as well as Central and Eastern Europe, North and Latin America, and North East Asia. The chapters in this volume study the impact of different structural drivers for social investment (e.g., demographic, poverty, demand for skill, or lack of an available workforce), the salience of social investment in the public debates, and the different political coalitions that led to or prevented the adoption of social investment strategies. The chapters are written by leading social policy scholars from different world regions. They all apply a joint theoretical framework (developed in the first of the two volumes) to explain the politics of social investment in a range of contexts and policy fields. Jointly with the first volume, the WOPSI project offers the first worldwide analysis of social investment reforms around the globe.

The Uses of Social Investment provides the first study of the welfare state, under the new post-crisis austerity context and associated crisis management politics, to take stock of the limits and potential of social investment. It surveys the emergence, diffusion, limits, merits, and politics of social investment as the welfare policy paradigm for the 21st century, seen through the lens of the life-course contingencies of the competitive knowledge economy and modern family-hood. Featuring contributions from leading scholars in the field, the volume revisits the intellectual roots and normative foundations of social investment, surveys the criticisms that have leveled against the social investment perspective in theory and policy practice, and presents empirical evidence of social investment progress together with novel research methodologies for assessing socioeconomic 'rates of return' on social investment. Given the progressive, admittedly uneven, diffusion of the social investment policy priorities across the globe, the volume seeks to address the pressing political question as to whether the social investment turn is able to withstand the fiscal austerity backlash that has re-emerged in the aftermath of the global financial crisis.

This book contributes to the growing literature on social investment by discussing the way social investment ideas have been adopted in different countries and in various academic and professional fields, including social policy, development studies and non-profit management. Documenting the experience of implementing social investment in different communities, it encourages a One World perspective that integrates these diverse experiences and promotes policy learning between different nations.

Changing Welfare States is is a major new examination of the wave of social reform that has swept across Europe over the past two decades. In a comparative fashion, it analyses reform trajectories and political destinations in an era of rapid socioeconomic restructuring, including the critical impact of the global financial crisis on welfare state futures. The book argues that the overall scope of social reform across the member states of the European Union varies widely. In some cases welfare state change has been accompanied by deep social conflicts, while in other instances unpopular social reforms received broad consent from opposition parties, trade unions and employer organizations. The analysis reveals trajectories of welfare reform in many countries that are more proactive and reconstructive than is often argued in academic research and the media. Alongside retrenchments, there have been deliberate attempts - often given impetus by intensified European (economic) integration - to rebuild social programs and institutions and thereby accommodate welfare policy repertoires to the new economic and social realities of the 21st century. Welfare state change is work in progress, leading to patchwork mixes of old and new policies and institutions, on the lookout, perhaps, for greater coherence. Unsurprisingly, that search process remains incomplete, resulting from the institutionally bounded and contingent adaptation to the challenges of economic globalization, fiscal austerity, family and gender change, adverse demography, and changing political cleavages.