FORMATION OF THE CONCEPT OF SOCIAL INVESTMENT IN THE CONTEXT OF MODERN GLOBAL CHALLENGES

Abstract

Approaches to defining the essence of social investment are generalized, and conceptual provisions for the development of social investment in the context of modern global transformations are developed. It is determined that social problems are intensifying as a result of the COVID-19 pandemic, economic shocks, wars, high interest rates, recessions in some markets, and a widening gap between developed and developing countries. As a result, the role of social investment in solving common social problems and ensuring sustainable development is growing. It is determined that social investment is being transformed from the State financing of the social sphere to the social responsibility of economic organizations, individuals, and institutional investors. It is proposed to interpret social investment as an investment of material, immaterial, financial assets in the objects of the social sphere and solving social problems in order to receive financial benefits (profit) and a positive social effect (level and quality of a population's life). The basic characteristics of the modern concept of social investment are proposed: strategic nature; money and natural (time, knowledge, skills, social ties) forms; estimated profit that is higher than the profit of a traditional investor at the expense of social and environmental effects; multiple use of capital; variety of forms of implementation; social investments create public goods, improve the level and quality of life, improve the quality of human capital, increase the productivity and investment value of organizations and the national economy, increase social capital, ensure sustainable development; proactivity social investments; new forms of interaction between sectors based on compromise, reaching agreement among the majority, adapting individual and collective interests to regulatory requirements, transforming abstract rules into effective models of interaction, etc. It is noted that further development of social investment is associated with its institutionalization and internationalization.