The Promise of Social Impact Bonds
Over the past few weeks, social impact bonds have received a lot of attention. That is because New York City has partnered with Goldman Sachs to run a pilot program aimed at reducing recidivism among inmates at Rikers Island prison. But first, a little background on social impact bonds. There are many social problems for which there is no clear-cut solution. Homelessness, foster care, inmate recidivism, and other issues are often expensive to control. Programs designed to address them are…