The privatisation and financialisation of social care in the UK Kate Bayliss and Jasmine Gideon Working paper No. 238 October 2020 The SOAS Department of Economics Working Paper Series is published electronically by SOAS University of London. ISSN 1753 – 5816 This and other papers can be downloaded free of charge from: SOAS Department of Economics Working Paper Series at http://www.soas.ac.uk/economics/research/workingpapers/ Research Papers in Economics (RePEc) electronic library at https://ideas.repec.org/s/soa/wpaper.html Suggested citation Bayliss, K and Gideon, J., (2020) “The privatisation and financialisation of social care in the UK”, SOAS Department of Economics Working Paper No. 238, London: SOAS University of London. Department of Economics SOAS University of London Thornhaugh Street, Russell Square, London WC1H 0XG, UK Phone: + 44 (0)20 7898 4730 Fax: 020 7898 4759 E-mail:
[email protected] http://www.soas.ac.uk/economics/ © Copyright is held by the author(s) of each working paper. The privatisation and financialisation of social care in the UK Kate Bayliss1 Jasmine Gideon2 Abstract Even before the arrival of COVID-19, the care sector was already in long-term crisis, in large part due to insufficient funding, but the sector has also been under pressure from structural changes resulting from privatisation and financialisation.3 Social care is one of many elements of everyday life which, over the past few decades, have been repackaged to suit the needs of global capital. The process has transformed a social need into a financial issue which in turn translates into new social relations where narratives are constructed in terms of markets and efficiency.