Field Emergence and Stabilization

  • Philipp Golka


In this chapter, Golka unpacks the remarkable amplitude of social impact investing in British social policy: from being virtually nonexistent in the early 2000s, the concept was a key ingredient of British social policy reform during the Brown and Cameron premierships, before losing importance with the 2016 “Brexit” referendum and change of government. Golka argues that this was due to two main developments: on the one hand, impact investing proponents gained support from parts of the voluntary sector as the “social enterprise” concept emerged. On the other hand, the emergence of a “Treasury view” forged by HM Treasury’s dominance in British social policy between 1997 and 2016 served as a key resonance space for the financialization as welfare frame among policymakers.


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© Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Philipp Golka
    • 1
  1. 1.Sociology of Markets, Organizations and GovernanceFriedrich Schiller University JenaJenaGermany

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