This article provides a rounded critique of Social Impact Bonds (SIBs): a newly developed and innovative financial investment model, developed in the UK and starting to spread internationally that could transform the provision of social services. Although SIBs have the potential to influence delivery by all providers, this article raises three concerns about their possible effects-in relation to their potential outcomes, unintended consequences for the UK third sector, and governance-and then reflects upon SIBs as the latest manifestation of the ideological shift which the UK third sector is undergoing.

While numerous accounts of policy frameworks associated with country-level support for social enterprise activity exist, explanations for when, why and how policy interventions in support of social enterprise have been adopted have been, to date, much more thin on the ground. This paper aims to contribute to addressing this perceived gap by presenting the case of Scotland, recently hailed by First Minister Alex Salmond as ''the most supportive environment in the world for social enterprise''. Historical Institutionalism is used to explain how such a 'supportive environment' might have come about and, looking at, in turn, when, why and how the conditions for social enterprise in Scotland have developed, we attempt to contribute to the ongoing international debate concerning the importance of the policy environment to fostering the conditions for social enterprise activity not only to emerge, but also to thrive.

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