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Event Information:

  • Thu
    09
    May
    2019

    Moneyball Government, Poverty Mining, and Philadelphia's "Impact Economy" with Alison McDowell

    19:00 – 21:00Wooden Shoe Books, 704 South St

    In 2016, the Economy League of Greater Philadelphia in partnership with Ben Franklin Technology Partners issued a white paper calling for our city to be transformed into the "Silicon Valley" of social impact investing. Deceptively branded as "doing well by doing good," this emerging capital market claims to seek “measurable social benefit” in addition to financial returns. In reality, the “pay for success model” further privatizes public services through rigged outcomes-based government contracts, mining poverty for profit.

    Elite universities, think tanks, venture philanthropy, and even the Federal Reserve have developed methods of "innovative finance” that if left unchecked, will position hedge fund managers to reap ongoing profit gambling on the life outcomes of the poor.

    Historically oppressed communities, especially Black and Brown communities, are being profiled through increasingly invasive technologies. Their data will fuel futures markets in human capital. Public education (including pre-k), as well as prison "reform," supportive housing, mental health, and addiction treatment are all targets. If “pay for success” finance is normalized, those accessing public services will become pawns in a game of global finance, one where wagers are structured to enrich investors while draining communities of vital resources.

    Join Alison McDowell, local researcher and blogger at wrenchinthegears.com, for an introduction to the dangers of social impact investing, “smart city” surveillance, interoperable data systems, and the players behind the “moneyball” government agenda.

    [Details Here]