Monetising Social Impact: A Critique of the ‘Financialisation’ of Social Value

In this chapter the authors will critically examine the concept of ‘social value’, and how it has come to be tied up with the commodification and financialisation of everyday life. Drawing on Polanyi’s concept of ‘fictitious commodification’, the authors will draw upon two main examples to illustrate this point. The emergence of Social Impact Bonds and social impact measurement tools such as Social Return on Investment have troubling implications, furthering what Polanyi identified as the ‘market society’. This chapter outlines what may be done to refocus attention on what it means to ‘value’ the social, and how new thinking is needed to shape an economy from the ashes of the old [Relevant SDGs: SDG3: Good Health and Wellbeing; SDG 11: Sustainable cities and communities].