Abstract
Book Review - Payment by results and social impact bonds: Outcome-based payment systems in the UK and US
Highlights
Payment by results and social impact bonds is a short but well-formed look at the emerging practice of outcome-based commissioning by the public sector
The authors acknowledge the criticism of New Public Management (NPM) as a ‘meso-level’ theorisation that describes ‘how’ policy-makers seek to innovate rather than ‘why’
The complexity of the global world has led to policy-makers pushing for structures of risk reduction and Payment by Results (PbR)/Social Impact Bonds (SIBs) provide a model to transfer the political and financial risk of service failures to providers and investors
Summary
Payment by results and social impact bonds is a short but well-formed look at the emerging practice of outcome-based commissioning by the public sector. The book offers three potential theoretical frameworks to explore outcomes -based commissioning.
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