Individual responsibilities and individual capabilities are becoming increasingly important in public policies of European welfare states. Therefore, it is said that European welfare states develop in the direction of social investment states. In this article we argue that the shift towards the social investment state may lead to new social risks and new inequalities. Building upon Bonoli’s (2005) seminal article, we introduce the concept of ‘social investment risks’ to refer to these risks. In this article we explore and identify the development towards a social investment state in detail by focusing on different social policy trends in different welfare areas and by analysing their impact on the individual level. We deconstruct the underlying assumptions of the social investment paradigm and reflect on the role of individual capabilities and social capital in the social investment state. We assess to what extent the distribution of these capabilities creates new social risks and new inequalities. Dealing with these new inequalities and new social risks may be considered as new challenges for welfare states. Therefore, this article innovatively expands the borders of current-day welfare state research and explores the consequences of the social investment paradigm.

中文翻译：

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社会投资风险？社会投资状态下新的社会风险探索性分析

个人责任和个人能力在欧洲福利国家的公共政策中变得越来越重要。因此，据说欧洲福利国家是朝着社会投资国家的方向发展的。在本文中，我们认为向社会投资状态的转变可能会导致新的社会风险和新的不平等。在 Bonoli (2005) 开创性文章的基础上，我们引入了“社会投资风险”的概念来指代这些风险。在本文中，我们通过关注不同福利领域的不同社会政策趋势并分析它们对个人层面的影响，详细探索和识别向社会投资状态的发展。我们解构了社会投资范式的基本假设，并反思了个人能力和社会资本在社会投资状态中的作用。我们评估这些能力的分布在多大程度上造成了新的社会风险和新的不平等。处理这些新的不平等和新的社会风险可能被视为福利国家的新挑战。因此，本文创新性地拓展了当今福利国家研究的边界，探讨了社会投资范式的后果。