What are Social Policy Bonds?
Social Policy Bonds are non-
Inextricably link rewards to outcomes rather than inputs, outputs, activities or institutions; and
Inject the market’s incentives and efficiencies into the achievement of social and environmental goals.
The effect of a Social Policy Bond regime is to contract out the achievement of social and environmental goals to the most efficient operators. Because they do not prejudge how objectives shall be achieved, the bonds would encourage diverse, adaptive solutions.
Social Policy Bonds could target any quantifiable social and environmental goal: less pollution, less crime, better health and education outcomes, and higher literacy rates, for example. At the global level, Social Policy Bonds could address climate change, the consequences of natural disasters, and violent political conflict. A Social Policy Bond regime would enhance the efficiency, stability and transparency of policymaking.
For summaries of the Social Policy Bond principle, see under the Overview link. For essays about how to apply Social Policy Bonds to different policy areas, click on Applications in the navigation bar. For news of the concept see News, and to see what others make of it see Reaction. To read about some more detailed aspects and implications of the bonds see Features. To buy the definitive book about Social Policy Bonds and to read excerpts, click on The Book, where you can also find out how to download the book, free of charge, as a pdf. Answers to questions like how Social Policy Bonds compare with Social Impact Bonds can be found on the FAQs page.
People other than governments can issue Social Policy Bonds and the Issue your own page links to a paper explaining how. To keep up with how Social Policy Bonds would address current policy issues, and to email me with your comments or queries please see Blog/Contact me. This page updated 6 December 2013.