The Social Investment Paradigm: Achievements and Shortcoming
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Transcript of The Social Investment Paradigm: Achievements and Shortcoming
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The Social Investment Paradigm:Achievements and Shortcoming
Joakim Palme Department of GovernmentUppsala University
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In brief:
Unlcear achievementsas the major shortcoming
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In sum:
AchievementsOn the research agenda On the EU policy agendaSDG Agenda can work in tandem SI paradigmAnalysis started:Diffusion by research, experts, policymakers networks
ShortcomingsNot combined with a macro-economic paradigmNot taxing enoughNot spending/investing enoughNot right institutional complementaritiesNo normative framework
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Genealogy of social investment
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Lessons from the 1930s
• The Great Crash and the Depression- Keynesianism emerging
• Crisis of the Population Question- social policy of reproduction, quality of population (Myrdal legacy)
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The Golden Age of Capitalism• Putting Keynesianism to work• Rediscovering the gender agenda
The Neo-liberal turn and its paradigm• Rolling back of the State
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The welfare state in crisis (OECD, 1980)
• Growth to limits• The unemployment problem• ”The need to see economic and social policies
together”• Is it possible to return to non-inflationary growth?• Research: Diagnosis vs. Prescription• Beyond redistribution, new priorities, full employment
without growth, welfare society
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Goals of the welfare state
• Redistribution• Insurance• Reproduction (care services)• Investment• Savings
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Social investments
Are about investing inan equal distribution of human capitalin order to promotea good economic life-cycle for alland reduce the pre-redistribution inequality
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The Econonomic Life-Cycle and the a future for Social Investment?
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Capability formation:A life course perspective
Publicly funded child-care invests in cognitive skills essential for life chances of children
Quality of compulsory education – PISA studies of core competencies: reading, mathematics, science
Skill needs in advanced industrial societies have changed –polarization among youth is a reality and a threat
The ”learning economy” requires a constant renewing of capabilities in firms and competences of workers
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Lisbon Agenda and beyond
• Esping Andersen et al Why we need a new welfare state
• Giddens Third Way• European Social Model: Social inclusion
and equality of opportunity
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The post-neoliberalism puzzle:Why is a large welfare state compatible with high in ranking concerning competitiveness and
investment climate?
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Lehman Brothers and beyond
The Global Financial Crisis and its Aftermath
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What potential for a social investment paradigm?
• Go beyond immediate responses to the GFC crisis not to reproduce the failures of the recent past
• Global crisis in the financial system may change our views on what is possible.
• Human capital investments getting less attention in the debate
• How can we rethink the future with the time horizon being prolonged by the issue of climate change?
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The strategy EU2020 puts forward three priorities:
• Smart growth: developing an economy based on knowledge and innovation.
• Sustainable growth: promoting a more resource efficient, greener and more competitive economy.
• Inclusive growth: fostering a high-employment economy delivering social and territorial cohesion.
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Flaw of the EU 2020 Agenda:How can the sole focus on expenditure cuts, generate the
necessary revenue for a social investment approach?
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The Social Investment Package
The Legacy of the ’old’ EU Commission (Andor)
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Social Investment Package
• Social protection, investment, stabilization
• Recomendation on early child-hood• Youth Package• Employment Package• Elderly care• Stabilization via EU Unemployment
insurance component• ESF
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Social policy opportunities
• Education and human capital formation as social policy
• Labour market policy and regulation as social policy
• Migration policy as social policy• Fiscal policy as social policy
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Social investment as a paradigm?
Institutional complementarities• Services and redistribution and insurance
and investment• Investment and investment
(education and ALMP)• Emerging social policy paradigm in
search for a new macro-economic model
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Social investment in a multilevel framework
• Nexus between social investments and welfare regimes
• The "embeddedness" in regimes has to be recognised
• European Social Fund as a driving force for social investments in the highly diverse welfare regimes
• Performance and results of the ESF interventions are highly dependent on this embeddedness
• The evaluation of results and effects to be fed into dissemination/ mainstreaming activities
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The role of social innovation
• ’Swarm of bats’ or evidence based policy dissemination of best practise
• Mixed methods:- Comparative research- Case studies- Experiments
• Political economy paradoxes
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Normative framework – equality of what
• Income - poverty, inequality• Capabilities/resources• Agency• Access to institutions:
of insurance, service and investment• Asset formation:
- human capital- social capital
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Social policy in EU context, and beyond
Key concepts in EU• Social cohesion or social progress• Social inclusion• Social capital• Social investment and social protection• Social citizenship
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Social investment approach is unattainable and elusive,
unless boldness and willingness to take political and other risks. This includes
raising enough taxes for massive social investment.