UK government policy towards social investment has taken three overlapping but different forms: community investment; third sector capacity building; and now investment in social and environmental outcomes. This paper argues that the latest approach creates both opportunities and some
potential problems for third sector finance. This ‘outcome’ focus applies to all organisations and activities that generate particular impacts, not just third sector organisations. It may also ignore potentially transformative forms of social investment, particularly those relating to different
financial values and processes.
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