  In the dilute limit Eshelby's inclusion theory captures the behavior of a
wide range of systems and properties. However, because Eshelby's approach
neglects interfacial stress, it breaks down in soft materials as the inclusion
size approaches the elastocapillarity length $L$. Here, we use a three-phase
generalized self-consistent method to calculate the elastic moduli of
composites comprised of an isotropic, linear-elastic compliant solid hosting a
spatially random monodisperse distribution of spherical liquid droplets. As
opposed to similar approaches, we explicitly capture the liquid-solid
interfacial stress when it is treated as an isotropic, strain-independent
surface tension. Within this framework, the composite stiffness depends solely
on the ratio of the elastocapillarity length $L$ to the inclusion radius $R$.
Independent of inclusion volume fraction, we find that the composite is
stiffened by the inclusions whenever $R < 3L/2$. Over the same range of
parameters, we compare our results with alternative approaches (dilute and
Mori-Tanaka theories that include surface tension). Our framework can be easily
extended to calculate the composite properties of more general soft materials
where surface tension plays a role.
