The Newcastle Employment Bond: Investing in Local Communities

Arthur Affleck and Mary Mellor
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Arthur Affleck: Sustainable Cities Research Institute, Northumbria University
Mary Mellor: Sustainable Cities Research Institute, Northumbria University

Local Economy, 2005, vol. 20, issue 1, 53-66

Abstract: Concern with social exclusion and neighbourhood renewal has often focused on economic regeneration and new ways of stimulating employment or selfemployment in local economies. One recent initiative has been to raise private money through a bond with the social aim of creating local employment. This paper explores the Newcastle Employment Bond, its structure, the philosophy behind it and the motivations and expectations of the people and organisations who invested in it. The paper asks whether the Bond can be seen as a model of ‘Third Way’ thinking, providing an alternative to state funding of social exclusion and employment initiatives or reliance on purely profit-oriented economic regeneration.

Keywords: Social exclusion; economic regeneration; Employment Bond; Third Way; social investment (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:sae:loceco:v:20:y:2005:i:1:p:53-66

DOI: 10.1080/0269094042000300551

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