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A State-Comparative Study of Social Finance: Focused on the Ecology of Social Finance in UK and France

  • Korean Society and Public Administration
  • Abbr : KSPA
  • 2016, 27(2), pp.31-63
  • Publisher : Seoul Association For Public Administration
  • Research Area : Social Science > Public Administration

Hyun-Jong Yoo 1

1보건복지부

Accredited

ABSTRACT

Social finance can be defined as a blended investment to consider both economic benefits and social impact and was introduced as an alternative to state and market to overcome the fiscal limitation of welfare expenditure. In terms of previous condition of introducing social finance, UK has introduced social finance as the alternative to neoliberal reforms of welfare with restraints of liberal welfare regime such as market dependency, voluntarism and welfare pluralism, but France has attended to it as the alternative to conservative corporatism to resolve unemployment and population aging under the tradition of cooperatives and social solidarity. The UK has introduced it to assist social enterprises through private financial market, but the France has focused on organizing social funds and public finance to be flowed into the sector of social economy. Despite the difference of social finance between the UK and the France, policy transfers have happened through multi-level paths among EU, governments and civil entities, however, it is hard for institutions to be converged because of social economic and institutional differences of contexts. As an implication, Korea should consider both features of developmental state and marketization as a result of previous neoliberal reforms and social investment of large scale public funds such as unemployment and pension run parallel with social impact investment of private resources.

Citation status

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