Policy mobilities in federal systems: The case of Proyectá tu Futuro, a social impact bond for education and employment in the city of Buenos Aires

Global policy mobilities have been studied predominantly at the national level of education, but their implications and effects at the subnational level have been disregarded. This paper analyzes Proyectá tu Futuro, the first social impact bond (SIB) for education and employability implemented in Buenos Aires, Argentina. Since 2010, SIBs have become a booming type of policy, rapidly traveling and being adopted across countries and policy spheres. SIBs aim to align the incentives of the private sector—the third sector—and the public sector to obtain results while improving public-policy efficiency. However, often it is policy entrepreneurs’ agendas and not results or efficiency goals that trigger SIBs’ adoption. In this study, we analyze the diffusion of SIBs as policy mobilities and the processes of adoption and translation in the context of Buenos Aires. To this end, we draw on an analysis of policy documents, existing legal frameworks, and interviews with key actors. Our findings point to the role of “glocal” policy entrepreneurs as key agents for the adoption and translation of SIBs, as well as their capacity to advance their own agendas in the context of global policy mobilities in federal education systems.