In the UK and elsewhere, a ‘market’ in social investment has been developing rapidly over the last 10-15 years, yet there has not been an academic study of the phenomenon to date. This paper aims to address this important gap in social entrepreneurship research. Empirically, the aim of this paper is to outline the nature, scale, and forms of these financial flows. Theoretically, the aim is to conceptualize social investment and build an analytic model of its different orientations. The paper suggests three future scenarios for social investment that blend, in different combinations, instrumental and substantive rationalities and logics
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