La finanziarizzazione del welfare. Social impact investing, fondazioni filantropiche e nuove frontiere di accumulazione capitalistica

The article identifies and analyses the process of financialization of welfare in the context of the rise of Social Impact Investing. Building on a wide international debate, it aims at pushing the analysis of the Italian case further and it focuses specifically on the intersections between philanthropic and financial actors and tools. In this perspective, two policy tools are analysed and discussed – the Integrated System of Funds (SIF), for Social Housing and the Social Impact Bond – that exemplifies such intersection. While they differ under many respects, they also share some common blindspots and contradictions, already highlighted in the literature on finacialization. While they open up new space for capital accumulation in the realm of social policies, they pose significant problems in terms of governance, accountability, public finance and incentives to the Non-Profit Sector. The article suggests that such critical aspects of the phenomenon should carefully be considered not only in the academic but also in the public debate on Social Impact Investing.