- The Oxford Handbook of Megaproject Management
- List of Illustrations
- List of Tables
- List of Contributors
- Introduction: The Iron Law of Megaproject Management
- Has Megaproject Management Lost Its Way?: Lessons from History
- Cycles in Megaproject Development
- Big Is Fragile: An Attempt at Theorizing Scale
- Institutional Challenges and Solutions for Global Megaprojects
- Megaproject Decision Making and Management: Ethical and Political Issues
- Biggest Infrastructure Bubble Ever?: City and Nation Building with Debt-Financed Megaprojects in China
- Did Megaproject Research Pioneer Behavioral Economics?: The Case of Albert O. Hirschman
- Megaproject Escalation of Commitment: An Update and Appraisal
- Megaprojects as Games of Innovation
- Power and Sensemaking in Megaprojects
- A Collective-Action Perspective on the Planning of Megaprojects
- Understanding Drivers of Megaevents in Emerging Economies
- Innovation and Flexibility in Megaprojects: A New Delivery Model
- Megaproject Stakeholder Management
- Private Finance: What Problems Does It Solve, and How Well?
- Wider Impacts of Megaprojects: Curse or Cure?
- Quality Assurance in Megaproject Management: The Norwegian Way
- The Good Megadam: Does It Exist, All Things Considered?
- Cracking the Code of Megaproject Innovation: The Case of Boeing’s 787
- The Power of Systems Integration: Lessons from London 2012
- Iconic Urban Megaprojects in a Global Context: Revisiting Bilbao
- Private Provision of Public Services: The Case of Australia’s Motorways
- Megaprojects as Political Symbols: South Africa’s Gautrain
- Large Dam Development: From Trojan Horse to Pandora’s Box
Abstract and Keywords
Public–private partnerships are now well established around the globe, and private finance plays a significant role in long-term infrastructure contracts. Reasons for wanting private finance in megaprojects have varied between countries and changed over time, and it will continue to attract governments who are either unable or unwilling to publicly finance major projects. The availability of private finance has seen many megaprojects delivered when they would not otherwise have gone ahead. In the same way that a private credit card can be used with an inappropriately high interest rate to purchase today what is paid for tomorrow, so too can private finance amount to little more than a megacredit card for eager governments eyeing off a desirable, immediate, infrastructure transaction. There is increasing academic evidence about how well private finance works, but the verdict is still out because the evidence is not conclusive.
Carsten Greve is Professor of Public Management and Governance, Copenhagen Business School
Graeme Hodge is a professor of Public Policy in the Law Faculty at Monash University
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