Few people know about William Beveridge’s third report; Voluntary Action. But for Beveridge private action for public purpose was an essential complement to the welfare state. As both state and market fail to resolve social problems; such action is experiencing resurgence and disruption. New institutions and organisations – impact investing; venture philanthropy and social enterprise – supplement or replace traditional non-profit organisations and charities. But what is the role of private action for public good in the construction of the 21st century welfare state? How should the state; market and voluntary organisations work together? Does the welfare state even crowd out valuable voluntary action? Using Beveridge’s Voluntary Action as a springboard; LSE’s Marshall Institute brings together a distinguished panel of LSE staff and alumni to discuss these questions.