Capital and the Common Good: How Innovative Finance Is Tackling the World's Most Urgent Problems

Hardcover | September 27, 2016

byGeorgia Levenson Keohane

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Despite social and economic advances around the world, poverty and disease persist, exacerbated by the mounting challenges of climate change, natural disasters, political conflict, mass migration, and economic inequality. While governments commit to addressing these challenges, traditional public and philanthropic dollars are not enough. Here, innovative finance has shown a way forward: by borrowing techniques from the world of finance, we can raise capital for social investments today. Innovative finance has provided polio vaccines to children in the DRC, crop insurance to farmers in India, pay-as-you-go solar electricity to Kenyans, and affordable housing and transportation to New Yorkers. It has helped governmental, commercial, and philanthropic resources meet the needs of the poor and underserved and build a more sustainable and inclusive prosperity.

Capital and the Common Good shows how market failure in one context can be solved with market solutions from another: an expert in securitization bundles future development aid into bonds to pay for vaccines today; an entrepreneur turns a mobile phone into an array of financial services for the unbanked; and policy makers adapt pay-for-success models from the world of infrastructure to human services like early childhood education, maternal health, and job training. Revisiting the successes and missteps of these efforts, Georgia Levenson Keohane argues that innovative finance is as much about incentives and sound decision-making as it is about money. When it works, innovative finance gives us the tools, motivation, and security to invest in our shared future.

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Despite social and economic advances around the world, poverty and disease persist, exacerbated by the mounting challenges of climate change, natural disasters, political conflict, mass migration, and economic inequality. While governments commit to addressing these challenges, traditional public and philanthropic dollars are not enou...

Georgia Levenson Keohane is executive director of the Pershing Square Foundation. She is also a professor in the Social Enterprise Program at Columbia Business School and a senior fellow at New America Foundation. She is the author of Social Entrepreneurship for the 21st Century (2013).

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Hardcover|Jan 8 2013

$35.48 online$39.95list price(save 11%)
Format:HardcoverDimensions:264 pages, 9 × 6 × 0.98 inPublished:September 27, 2016Publisher:Columbia University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0231178026

ISBN - 13:9780231178020

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Table of Contents

AcknowledgmentsIntroduction: Innovative Finance and the Visible Hand1. REDD Forests, Green Bonds, and the Price of Carbon 2. Health: Medicine for Market Failure 3. Financial Inclusion and Access to Capital 4. Toward a New Disaster Finance: Redefining Risk, Response, and Resilience 5. Innovative Finance in Communities Across the United States Conclusion: Financing the Future: The Lessons of Innovative Finance and the TIES That Bind Epilogue: The Road Ahead Notes Index

Editorial Reviews

Immensely informative, easily readable, and definitive.... This is definitely a must-read for anyone wishing to undertand the background and efects of innovative financing.... Essential.