The emergence of social enterprises over the past 35 years has been an exciting and significant development in the economy at a local, national and international level. How should we understand the growing popularity of social enterprise and the wider social economy? Are alternative business models even more relevant in an uncertain business climate? Do they provide a robust response to periods of state 'austerity'? How do social enterprises contribute to global initiatives to improve the sustainability and responsibility of the business community? Through discussion of theoretical and practical considerations for the field, and a wealth of learning features, this second edition of 'Understanding Social Enterprise' focuses on the distinct pathways that social enterprises follow, critiquing the competencies and practices that contribute to a successful social economy.