The Investment State

Historically, the welfare state of the 20th century, which was built on the foundation of an industrial economy, seems poorly adapted to a 21st-century information age. Socially, profound demographic shifts--especially an aging population, increasing numbers of women in the labor force, and surging immigration--pose challenges for traditional programs. Economically, the legacy of social entitlements, which has been addressed through deficit spending, is untenableinsofar as they squeeze out essential discretionary programs. Politically, the demise of the Left, signified by Brexit, the election of Donald Trump to the presidency, and less successful populistmovements in Europe and Australia, continues a conservative vector in social policy. The confluence of these factors increases the likelihood of reform of a nation's social infrastructure. The Investment State provides a template for future social policy, which can be adapted to cities, states, nations, and international trade agreements. It serves as a sequel to the author's previous book, The Dynamic Welfare State (OUP, 2016)--which included a theory of welfare statedecline--by envisioning a new paradigm for social programs.

“"[This] is a recommended book to read for every social worker, policy professional, professor or instructor in countless arenas; as well as for every concerned and engaged citizen who longs for information and transformation. This book can and should be referenced on multiple occasions and in various forums as it speaks to the signs of the times and the status of our political, national and international condition and affairs. This is the time for change and this book provides the knowledge, tools and encouragement that can propel and pilot us toward personal achievement for the betterment of all and with collective positioning." -- Jennifer M. Lee, Tulane University , Journal of Evidence-Based Social Work "Has the welfare state run its course? Stoesz's answer is yes.... this volume succinctly analyzes the welfare state's arc from rise to imminent fall.This portrayal draws on a wide array of scholarship.... This book is an impressive tour de force with a sweeping perspective rooted in policy experience." -- CHOICE "The 20th-century welfare state, that marvelous contraption liberals and social Democrats built to temper the social disruptions and inequities of industrialization, faces a perfect storm of soaring costs, aging populations, and declining public support. In his new book, David Stoesz envisions its successor--the social investment state. One of America's most original social policy thinkers, Stoesz makes a persuasive case for a more dynamic social compact that moves beyond income transfers to helping low-income families acquire the skills and assets that can propel them into the middle class." -Will Marshall, President, Progressive Policy Institute, Washington, D.C. "Stoesz speaks to the contemporary concerns of social policy dilemmas in industrial nations. The problems are not amenable to technical insights but deeply reflect political chasms in the preferences and goals of different ideologies. The political may be inevitably triumphant, but Stoesz parses structural preferences for wisdom and decency with superb, informed, and nuanced relevance. He has produced a socialist tract for capitalists and a justification of the market for socialists without drowning in the insipid middle ground of inactivity . . . an argument that challenges the torpor of the helping professions, the small-is-beautiful crew, the centralizers and nationalizers, and those too complacent to doubt either the inevitablity or the virtue of current social and economic arrangements. Deeply informed, Stoesz thinks profoundly like a good scholar but writes with the clarity of a journalist." -William M. Epstein, Professor, School of Social Work, University of Nevada, Las Vegas "The Investment State by David Stoesz is an analytic treasure trove of insights for anybody interested in the direction of social policy. Stoesz brilliantly intertwines empirical data and a robust theoretical understanding and delivers a much-needed comparative perspective. The result is a persuasive case for a transformative shift of our public investment portfolio. The Investment State is a must-read for students of social policy." -Thomas M. Shapiro, David R. Pokross Chair of Law and Social Policy, Heller School, Brandeis University; Director, Institute on Assets and Social Policy, Brandeis University; Author, Toxic Inequality”

"[This] is a recommended book to read for every social worker, policy professional, professor or instructor in countless arenas; as well as for every concerned and engaged citizen who longs for information and transformation. This book can and should be referenced on multiple occasions and in various forums as it speaks to the signs of the times and the status of our political, national and international condition and affairs. This is the time for change andthis book provides the knowledge, tools and encouragement that can propel and pilot us toward personal achievement for the betterment of all and with collective positioning." -- Jennifer M. Lee, TulaneUniversity , Journal of Evidence-Based Social Work"Has the welfare state run its course? Stoesz's answer is yes.... this volume succinctly analyzes the welfare state's arc from rise to imminent fall.ÂThis portrayal draws on a wide array of scholarship.... This book is an impressive tour de force with a sweeping perspective rooted in policy experience." -- CHOICE"The 20th-century welfare state, that marvelous contraption liberals and social Democrats built to temper the social disruptions and inequities of industrialization, faces a perfect storm of soaring costs, aging populations, and declining public support. In his new book, David Stoesz envisions its successor--the social investment state. One of America's most original social policy thinkers, Stoesz makes a persuasive case for a more dynamic social compact thatmoves beyond income transfers to helping low-income families acquire the skills and assets that can propel them into the middle class."-Will Marshall, President, Progressive Policy Institute, Washington, D.C."Stoesz speaks to the contemporary concerns of social policy dilemmas in industrial nations. The problems are not amenable to technical insights but deeply reflect political chasms in the preferences and goals of different ideologies. The political may be inevitably triumphant, but Stoesz parses structural preferences for wisdom and decency with superb, informed, and nuanced relevance. He has produced a socialist tract for capitalists and a justification of themarket for socialists without drowning in the insipid middle ground of inactivity . . . an argument that challenges the torpor of the helping professions, the small-is-beautiful crew, the centralizersand nationalizers, and those too complacent to doubt either the inevitablity or the virtue of current social and economic arrangements. Deeply informed, Stoesz thinks profoundly like a good scholar but writes with the clarity of a journalist."-William M. Epstein, Professor, School of Social Work, University of Nevada, Las Vegas"The Investment State by David Stoesz is an analytic treasure trove of insights for anybody interested in the direction of social policy. Stoesz brilliantly intertwines empirical data and a robust theoretical understanding and delivers a much-needed comparative perspective. The result is a persuasive case for a transformative shift of our public investment portfolio. The Investment State is a must-read for students of social policy."-Thomas M. Shapiro, David R. Pokross Chair of Law and Social Policy, Heller School, Brandeis University; Director, Institute on Assets and Social Policy, Brandeis University; Author, Toxic Inequality

David Stoesz, PhD, MSW, was the Samuel Wurtzel Chair at Virginia Commonwealth University. He has published extensively about social policy in the U.S. and international development abroad. His 2005 book, Quixote's Ghost: The Right, the Liberati, and the Future of Social Policy, was awarded the Pro Humanitate Literary Award. More recent books include The Dynamic Welfare State and Pandora's Dilemma: Theories of Social Welfare for theTwenty-First Century.

Social investment is a strategy that addresses neoliberal austerity by putting private capital to public purpose. An investment state serves as a sequel to the welfare state by maximizing capability, expanding employee benefits, implementing evidence-based policy, democratizing polity and commerce, and advancing social and institutional inclusion. The Investment State provides a template for future social policy, which can be adapted to cities, states,nations, and international trade agreements. It serves as a sequel to the author's previous book, The Dynamic Welfare State (OUP, 2016) -- which included a theory of welfare state decline -- by envisioning a new paradigm for social programs.

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