The first detailed critical analysis of the growing global market in social impact bond projects and reveals that they are the latest new ‘buy-now-pay-later’ scheme to privatise public services and the welfare state. Details 30 financial and public policy flaws in these projects. Proposes an alternative strategy consisting of government and public sector plans for early intervention and prevention; Public Service Innovation and Improvement Plans at departmental or service level; and trade union/community alliances to develop strategies and scope for transnational action. Published jointly by ESSU and the Australian Workplace Innovation and Social Research Centre, University of Adelaide.