There is no measure to quantify
impact of social innovations in a society but a lot of investment both, in policy
and money-terms, can be observed throughout the developed world. Ideas,
discussions and policies have brought us to the point where there are
expectations of having “social stock exchanges”. But, the primary question
remains the same – how would the performance be measured to value or devalue
the “social stocks”.
Looking back in time, history
tells us that governments have always tried to make link their activities with
that of social work organizations, could also be termed as social enterprises,
for a larger benefit to the society. Governments are never resourceful enough
to take care of all its residents according to a uniform standard, which
results in stratification of the society. To fill this gap, charities, social
welfare organizations, non-government organizations (NGOs), not-for-profit
organizations and a lot more with synonymous titles play their role. This is
actually doing government’s job but not being government or being funded by
government. There could be a lot of motives driving such activities but for
governments such acts are always very welcoming and supportive.
Owing to this support by the
social sector, governments have always tried to offer this sector special
benefits and partnerships; two major ways of doing that have been tax benefits
and joint ventures. Governments have always intervened in the social
innovations and enterprise sectors, which is not a bad thing because both
government and social sectors have unique set of strengths that when combined
make a perfect-mix. Thus, the impact becomes large and easily noticeable when
these two sectors join hands.
The idea of social impact bonds
is being welcomed all over the developed world, which is a positive thing but
the spirit behind the idea is not new. Same objectives were followed in the
past as well but maybe with different names. But the major concern related to ideas
like David Cameron’s BIG SOCIETY and having SOCIAL STOCK EXCHANGES is the doubtful
persistence of governments to carry on with these ideas. It has been noticed,
both in US and UK, that social sectors and concerns towards society always lead
during election campaign times but for how long they stay alive on the policy
desks has always been a big question, and something that points towards one of
the primary elements we relate to social enterprises – the sustainability.
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