John Calimente reviews a new book that aims to explain the complicated back-and-forth that happens when government teams up with private interests on development projects.
The book, Partnerships in Urban Property Development by Nigel Dubben and Brendan Williams, primarily covers the public/private partnerships that came out of the U.K.'s Private Finance Initiative (PFI):
"it was launched in 1992 to bring private money into public sector developments, to provide value for money as well as transfer the risks of provision to the private sector, as much as possible. The trend has been increasing since the PFI was introduced, and they now accounts for more than one-fifth of all public capital spending in the United Kingdom. The record is mixed, however, as to whether they save governments money or cost them more, depending on how the contract is laid out. Inexperience by public sector clients seems to be a prime factor that leads to poor design and cost overruns."
Read the full story: Partnerships in Urban Property Development
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