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Social Finance$
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Alex Nicholls, Rob Paton, and Jed Emerson

Print publication date: 2015

Print ISBN-13: 9780198703761

Published to Oxford Scholarship Online: December 2015

DOI: 10.1093/acprof:oso/9780198703761.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 18 January 2021

What should social finance invest in and with whom?

What should social finance invest in and with whom?

(p.64) 2 What should social finance invest in and with whom?
Social Finance

Richard Steinberg

Oxford University Press

This chapter focuses on the relationship between social finance and the not-for-profit sector considering the issues from the perspective of nonprofit economics. The question ‘what should social finance invest in’ discusses the difference between societal needs that can be addressed through ordinary financial investments from those that require social investment. The ‘with whom’ question concerns the organizations that use social investments to create social impact. After setting out the conventional rationales for social finance in terms of creating collective goods and addressing market failures, the chapter goes on to explore the specifics of social investment in not-for-profit organizations. The next section of the chapter considers the evolution of hybrid organizations that combine social and financial objectives—specifically it evaluates several key features such as their efficiency, sustainability, and access to capital. Conclusions summarize the various arguments and acknowledge limitations.

Keywords:   nonprofit finance, investment focus, impact thesis, market failure, public goods

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