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The political economics of investment Utopia: public–private partnerships for urban infrastructure finance

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  • Elliott Sclar

Abstract

This article explores the policy disconnect between the pursuit of private investment return and the public desire for enhanced social value from public–private partnership (P3) investments in urban infrastructure. Investors view infrastructure finance as an opportunity for relatively safe, high-return investing. But infrastructure-financing architecture to achieve high private returns frequently clashes with financing models that sustain long-term social benefits. The full implications of relational tensions in the structuring of P3s are analyzed. The principal policy conclusion is that, because of these tensions, the use of P3s for this purpose should be restricted.

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  • Elliott Sclar, 2015. "The political economics of investment Utopia: public–private partnerships for urban infrastructure finance," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 18(1), pages 1-15, January.
    • Handle: RePEc:taf:jecprf:v:18:y:2015:i:1:p:1-15
    DOI: 10.1080/17487870.2014.950857
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    Cited by:

    1. Alonso, José M. & Clifton, Judith & Díaz-Fuentes, Daniel, 2017. "The impact of government outsourcing on public spending: Evidence from European Union countries," Journal of Policy Modeling, Elsevier, vol. 39(2), pages 333-348.
    2. Chung, Kenneth Hsien Yung & Li, Dan & Adriaens, Peter, 2023. "Technology-enabled financing of sustainable infrastructure: A case for blockchains and decentralized oracle networks," Technological Forecasting and Social Change, Elsevier, vol. 187(C).
    3. Dormady, Noah C. & Jones, Douglas N. & Roe, Brian E. & Rub, Guy A., 2019. "An intersection of privatization and public utility regulation: The Ohio State University's energy concession agreement," Utilities Policy, Elsevier, vol. 59(C), pages 1-1.
    4. Wang, Shih-Hsu, 2016. "An analytical model for benchmarking the development of national infrastructure items against those in similar countries," International Journal of Critical Infrastructure Protection, Elsevier, vol. 13(C), pages 3-18.
    5. Xiao, Zengqi & Lam, Jasmine Siu Lee, 2022. "Effects of project-specific government involvement actions on the attractiveness of port public-private partnerships among private investors," Transport Policy, Elsevier, vol. 125(C), pages 59-69.
    6. Matteo Stiglich, 2021. "Unplanning urban transport: Unsolicited urban highways in Lima," Environment and Planning A, , vol. 53(6), pages 1490-1506, September.
    7. Zhe Cheng & Huanming Wang & Wei Xiong & Dajian Zhu & Le Cheng, 2021. "Public–private partnership as a driver of sustainable development: toward a conceptual framework of sustainability-oriented PPP," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(1), pages 1043-1063, January.

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