The uses of social investment 1st Edition by Anton Hemerijck 019879049X 9780198790495

Part 1. Introduction

1. Social Investment and Its Critics

1.1 The Social Investment Turn

1.2 Why We Need a New Welfare State Revisited

1.3 Social Investment Critics

1.4 Towards an Institutional Perspective: Stocks, Flows, and Buffers

1.5 Institutional Complementarities and Life-Course Synergy Effects

1.6 Politics of Social Investment Reform in Times of Post-Crisis Austerity

1.7 Outline of the Volume

Part 2. Limits to Social Investment

2. Social Investment: The Thin Line between Evidence-Based Research and Political Advocacy

2.1 Introduction

2.2 Is Social Investment a Robust Concept and Analytical Framework?

2.3 Social Investment, Growth, and Employment

2.4 Social Investment as a Platform

2.5 Conclusions

3. ‘Social Investment’: With or Against Social Protection?

3.1 Introduction

3.2 Conceptual Issues: Political and Scientific Notions of Social Investment

3.3 Social Protection and Social Investment

3.4 Social Investment in the Future?

4. Family Relationships and Gender Equality in the Social Investment Discourse: An Overly Reductive View?

4.1 The Shifting Symbolic Balance in the Work–Family Conciliation Construct

4.2 An Unfinished Revolution Pour Cause?

4.3 Concluding Remarks

5. Social Investment and the Matthew Effect: Limits to a Strategy

5.1 Introduction

5.2 Human Capital Investment: Early Childhood Education and Care

5.3 Human Capital Investment: Higher Education

5.4 Active Labour-Market Policies

5.5 Discussion: How to Ensure the Future Success of Social Investment?

6. The ‘New Welfare State’ under Fiscal Strain: Austerity Gridlocks and the Privatization of Risk

6.1 Introduction

6.2 Social Investment in the Age of Permanent and Acute Austerity

6.3 From Austerity Gridlocks to Risk Privatization?

6.4 Conclusion

Part 3. Social Investment Endowment and Extensions

7. Enabling Social Policy

7.1 Promoting Employment

7.2 Does Social Investment Work?

7.3 What Policies and Policy Configurations are Most Effective?

7.4 Will Social Investment Be a Complement to Social Protection or a Substitute?

8. Social Investment and the Service Economy Trilemma

8.1 Introduction

8.2 The ICT Revolution and High Productivity Services Sectors: Implications for the Trilemma

8.3 Social Investment and Dynamic Service Expansion

8.4 Conclusion

9. Towards Employment Insurance?

9.1 Introduction

9.2 Increasing Labour-Market Risks through Labour-Market Flexibilization

9.3 Why Should these New Social Risks Be Covered by Social Insurance?

9.4 Which New Risks should Be Included in an Extended (Un)Employment Insurance?

9.5 Conclusion

10. Social Investment and Childcare Expansion: A Perfect Match?

10.1 Introduction

10.2 Investing in Early Years and Its Critics

10.3 Diversity in ECEC Developments

10.4 Conclusion

11. Addressing Human Capital Risks and the Role of Institutional Complementarities

11.1 Introduction

11.2 Investing in Human Capital over the Life Course

11.3 Designing a Social Investment Approach and Institutional Complementarities

11.4 Gauging Institutional Complementarities

11.5 Discussion and Conclusion

12. Capacitating Services and the Bottom-Up Approach to Social Investment

12.1 Introduction

12.2 The Intertemporal Problem in Social Investment

12.3 The Limits of Ex Ante Calculation and Coalition Building for Comprehensive Reform

12.4 The Bottom-Up Approach in Action: A German Example

12.5 A Dutch Prospect

12.6 Conclusion

13. A Normative Foundation for the Social Investment Approach?

13.1 Beyond Economic Growth: Social Investment and Social Progress

13.2 Equality of What? A Multidimensional and Agency-Oriented Approach

13.3 Measuring Social Returns on Social Investments

13.4 Conclusion

Part 4. Social Investment Assessment: Conceptualization and Methods

14. Practical Pluralism in the Empirical Study of Social Investment: Examples from Active Labour-Market Policy

14.1 The Perennial Challenges and Choices

14.2 Multifaceted Character of Social Investment

14.3 Multiplicity of ‘Returns’

14.4 Social Investment Policy Complementarities and Clashes

14.5 Conclusion: Coping through Practical and Pluralist Empiricism

15. Social Investment and Its Discount Rate

15.1 What is Meant By Investment?

15.2 What is an Appropriate Discount Rate?

15.3 Coping with Uncertainty around Outcomes

15.4 The Assets from Social Investment and their Distribution

15.5 Social Impact Investment

15.6 Policy Considerations

16. Conceptualizing and Measuring Social Investment

16.1 Conceptualizing Social Investment

16.2 Measuring Social Investment

17. Measuring Social Investment Returns: Do Publicly Provided Services Enhance Social Inclusion?

17.1 Introduction

17.2 Distributive Impact of the In-Kind Benefit of Capacitating Social Services

17.3 Employment and Long-Term Inequality Effects of Publicly Provided Services

17.4 Conclusion

Part 5. Comparative Social Investment Experience

18. Developing and Spreading a Social Investment Perspective: The World Bank and OECD Compared

18.1 The World Bank: A Social Investment Perspective after the Washington Consensus

18.2 The OECD: Quick Off the Mark but Poorly Coordinated

18.3 The Current State of Play

19. De-universalization and Selective Social Investment in Scandinavia?

19.1 Introduction

19.2 Universalism and Social Investment

19.3 The Political Robustness of the Universal Welfare State

19.4 A Trend towards De-universalization?

19.5 Conclusion

20. The Truncated German Social Investment Turn

20.1 Introduction

20.2 Methodological Considerations

20.3 Explaining Policy Change

20.4 Conclusion

21. The Impact of Social Investment Reforms on Income and Activation in the Netherlands

21.1 Introduction

21.2 The Dutch Social Investment Turn and Its Reversal?

21.3 Assessing Social Investment Buffers

21.4 Assessing Social Investment Flow Arrangements

21.5 Conclusion

22. Ireland: The Evolving Tensions between Austerity, Welfare Expansion, and Targeted Social Investment

22.1 Introduction

22.2 Ireland’s Welfare Regime in the Celtic Tiger Years

22.3 Social Investment as an Overlapping Consensus: The Developmental Welfare State

22.4 Policy Directions during the Crisis and After

22.5 Assessing the Story of Social Investment in Ireland

23. Social Investment in a Federal Welfare State: The Quebec Experience

23.1 A Provincial Welfare State

23.2 The Social Investment Turn

23.3 The New Quebec Model

23.4 Conclusion

24. A Social Investment Turn in East Asia? South Korea in Comparative Perspective

24.1 The East Asian Developmental Welfare State

24.2 Public Social Investment Policies and the Rise of Family Policy

24.3 The Rise of Private Social Investments in Korea

24.4 Conclusions

25. Social Investment in Latin America

25.1 Introduction

25.2 Social Investment in the Latin American Context

25.3 Advances and Persistent Barriers: The Case of Conditional Cash Transfers

25.4 Advancing Social Investments in Latin America

26. Why No Social Investment in Italy: Timing, Austerity, and Macro-Level Matthew Effects

26.1 Introduction

26.2 Social Investment in Italy: An Introduction to the Context

26.3 Social Investment Policies in Italy

26.4 Social Investment in Italy: A Mission Impossible?

Part 6. EU Social Investment Advocacy

27. Social Investment for a Cohesive and Competitive European Union

27.1 Introduction

27.2 The Development of Social Policies in the European Union

27.3 EU Policy Guidance towards Social Investment

27.4 Supporting Member States Implement Social Investment

27.5 Moving Forward

28. Can European Socioeconomic Governance Be Social Investment Proof?

28.1 New Socioeconomic Governance and the Options for Social Investment

28.2 Country-Specific Recommendations Stemming from SGP Coordination

28.3 CSRs in their Context: More Views on a Potential Investment Approach

29. Social Investment as a Policy Platform: A European Argument

29.1 Social Investment as a Policy Platform for the EU

29.2 A Policy Platform or a Scientific Paradigm?

29.3 Instead of Upward Convergence, Poor Social Investment Will Generate Further Divergence in the EU

29.4 Conclusion: A Matter of Common Concern, to Be Embedded in EU Economic and Budgetary Governance

30. Accelerator or Brake? The EU and the Difficult Politics of Social Investment

30.1 Introduction

30.2 Discursive Persuasion

30.3 Institutional Pressure and ‘Capacitation’

30.4 Making the Case for Social Investment: Framing Mistakes

30.5 Strengthening Capacity: The Unexploited Potential

30.6 Conclusion

Part 7. The Politics of Social Investment

31. The Politics of Social Investment: Policy Legacies and Class Coalitions

31.1 Introduction

31.2 Contextualizing Social Investment Politics

31.3 Empirical Illustration: Family Policy Development in Bismarckian Welfare States: France, Germany, and Switzerland

31.4 Conclusion

32. Three Challenges for the Social Investment Strategy: Investing in the Future, Taxes, and the Millennials

32.1 Introduction

32.2 The Problem of Time Horizons: Social Investment Requires Patient Capital

32.3 Where Will the Money Come From? The Revolution in Tax Theory and Slow Economic Growth

32.4 Generational ‘Luck’ and the Millennials

32.5 Conclusion

33. Public Opinion and the Politics of Social Investment

33.1 Introduction

33.2 Theoretical Expectations

33.3 Measuring Public Opinion on Social Investment

33.4 Empirical Evidence

33.5 Conclusions

34. Social Investment, Social Democracy, Neoliberalism, and Xenophobia

34.1 Revising and Reclaiming the SIWS Strategy

34.2 Conclusion

Part 8. Conclusion

35. The Uses of Affordable Social Investment

35.1 Social Investment at a Crossroads

35.2 From an Aspirational Metaphor to a Coherent Policy Paradigm

35.3 From Paradigm Change to Methodological Triangulation

35.4 From Transformative to Virtuous Institutional Policy Complementarities

35.5 Towards a More Assertive Politics of Social Investment in Hard Times

35.6 Squaring Social Investment Progress and Fiscal Prudence for Europe