The Emergence of Social Investment as a Moral System of Exchange: The Australian experience

This chapter explores the emergence of the social investment market in Australia. It begins by introducing the social investment phenomenon, differentiating it from other investment strategies, and noting the international context of its development. A review of extant literature reveals limited empirical data exploring the social investment phenomenon. The Biggart and Delbridge (2004) ‘systems of exchange’ typology is adopted as a useful lens to explore the emergence of social investment and to investigate the multi-faceted nature of exchange and collaboration within the field. Australia is highlighted as an interesting context to explore the emergence of social investment given rapid and significant policy initiatives to develop the market. Policy documents and in-depth interviews with practitioners are used to assess the nature of investor rationalities and social relations within the emerging market. The exploratory research suggests that social investment may be emerging as a ‘moral system of exchange,’ with policy implications and future research directions discussed.