
Contents
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Introduction Introduction
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Social Investment as a Sui Generis Welfare Paradigm Social Investment as a Sui Generis Welfare Paradigm
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Reform Trajectories across Advanced Welfare States Reform Trajectories across Advanced Welfare States
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Vanguards Vanguards
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Bandwagoners Bandwagoners
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Latecomers Latecomers
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Laggards Laggards
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Newcomers Newcomers
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Social Investment Reform in North America and the Antipodes Social Investment Reform in North America and the Antipodes
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Welfare Lessons from the Great Recession Welfare Lessons from the Great Recession
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Challenges and Opportunities for Social Investment Reform after the Great Recession Challenges and Opportunities for Social Investment Reform after the Great Recession
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References References
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7 Recent Developments: Social Investment Reform in the Twenty-First Century
Get accessAnton Hemerijck, Professor of Political Science, European University Institute, Florence, Italy
Stefano Ronchi, Postdoctoral Fellow, University of Milan, Milan, Italy
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Published:08 December 2021
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Abstract
The trajectory of developed welfare states in the early twenty-first century is perhaps best understood through the idea of ‘social investment’. The first section of the chapter defines social investment as a sui generis welfare paradigm, distinct from both the Keynesian–Beveridgean welfare state and its neoliberal critique, and analytically rooted in the three interrelated policy functions of lifelong human capital stocks, work–life-balanced flows, and inclusive buffers. The second section identifies the trajectories of (non-)social investment reform that have cross-cut welfare regimes in the past two decades. Section three takes stock of the impact of the economic crisis on recent welfare state developments. The final section concludes by reflecting on the challenges and opportunities for welfare reform after the Great Recession. Most notably, it highlights how high public spending on established social protection commitments seemingly operates as a ‘productive constraint’ that accelerates social investment reform, reinforcing employment and productivity growth, to sustain popular welfare states.
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