The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray. Part of the problem is due to Smith’s "veil of ignorance": individuals unknowingly pursue society’s interest and, as a result, have no clue as to the macroeconomic effects of their actions: witness the Keynes and Leontief multipliers, the concept of value added, fiat money, Engel’s law and technical progress, to name but a few of the macrofoundations of microeconomics. A good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan’s economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker’s Rule. Very simply, the banks, whose lending determined deposits after Roosevelt, and were a public service became private enterprises whose deposits determine lending. These underlay the great moderation preceding 2006, and the subsequent crash.

The Economic Institutions of Capitalism

Public Management Reform. A Comparative Analysis

Structuring Politics: Historical Institutionalism in Comparative Analysis

Public–private partnerships are enjoying a global resurgence in popularity, but there is still much confusion around notions of partnership, what can be learned from our history with partnerships, and what is new about the partnership forms that are in vogue today. Looking at one particular family of public–private partnerships, the long-term infrastructure contract, this article argues that evaluations thus far point to contradictory results regarding their effectiveness. Despite their continuing popularity with governments, greater care is needed to strengthen future evaluations and conduct such assessments away from the policy cheerleaders.

Public-Private Partnerships: An International Performance Review

This paper takes stock of megaproject management, an emerging and hugely costly field of study. First, it answers the question of how large megaprojects are by measuring them in the units mega, giga, and tera, concluding we are presently entering a new "tera era" of trillion-dollar projects. Second, total global megaproject spending is assessed, at USD 6-9 trillion annually, or 8 percent of total global GDP, which denotes the biggest investment boom in human history. Third, four "sublimes" - political, technological, economic, and aesthetic - are identified to explain the increased size and frequency of megaprojects. Fourth, the "iron law of megaprojects" is laid out and documented: Over budget, over time, over and over again. Moreover, the "break-fix model" of megaproject management is introduced as an explanation of the iron law. Fifth, Albert O. Hirschman's theory of the Hiding Hand is revisited and critiqued as unfounded and corrupting for megaproject thinking in both the academy and policy. Sixth, it is shown how megaprojects are systematically subject to "survival of the unfittest," explaining why the worst projects get built instead of the best. Finally, it is argued that the conventional way of managing megaprojects has reached a "tension point," where tradition is challenged and reform is emerging.

What You Should Know About Megaprojects, and Why: An Overview

Contents: 1. Introduction 2. The Public-Private Interface: Surveying the History 3. The United Kingdom Private Finance Initiative: The Challenge of Allocating Risk 4. Getting the Contract Right 5. Political Issues of Public-Private Partnerships 6. Public-Private Partnerships as the Management of Co-Production: Strategic and Institutional Obstacles in a Difficult Marriage 7. Traditional Contracts as Partnerships: Effective Accountability in Social Services Contracts in the American States 8. United States: Human Services 9. North American Infrastructure P3s: Examples and Lessons Learned 10. The Private Finance Initiative or the Public Funding or Private Profit? 11. Learning from UK Private Finance Initiative Experience 12. Public-Private Partnerships in Social Services: The Example of the City of Stockholm 13. Public-Private Partnerships for Infrastructure in Denmark from Local to Global Partnering 14. German Public-Private Partnerships in Personal Social Services: New Directions in a Corporatist Environment 15. Using Public-Private Partnerships to Deliver Social Infrastructure: The Australian Experience 16. Public-Private Partnerships: The Australasian Experience with Physical Infrastructure 17. Public-Private Partnerships: A Policy for All Seasons? Index

The challenge of public-private partnerships: Learning from international experience

New Public Governance

The Challenge of Public–Private Partnerships

This paper argues that evaluations of public‐private partnerships thus far point to contradictory results regarding their effectiveness and value-for-money. Despite continuing political popularity, greater care is needed to strengthen future evaluations and conduct such assessments away from the policy cheerleaders.

https://papers.ssrn.com/sol3/Delivery.cfm/ecaf_1864.pdf?abstractid=1375947&mirid=5

Carsten Greve

Papers

Public-Private Partnerships: An International Performance Review

The challenge of public-private partnerships: Learning from international experience

New Public Governance

The Challenge of Public–Private Partnerships

PPPs: THE PASSAGE OF TIME PERMITS A SOBER REFLECTION