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The unfounded enthusiasm towards private participation in infrastructure

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  • Emilio Chernavsky

    (Doutor em Economia pela Faculdade de Economia e Administração da Universidade de São Paulo – FEA-USP, São Paulo/SP, Brasil.)

Abstract

Despite the widespread enthusiasm for private participation in the provision of infrastructure, international assessments of its results are rare and inconclusive. Audit offices are generally skeptical of their superiority, multilateral institutions have been cautious, and the population is critical in many countries. I show these frustrating results are associated with the extraordinary profits and slow progress of productivity derived from reduced competition and ineffective regulation common in the sector, and point out reasons that explain this situation. I argue that enthusiasm is theoretically and empirically unfounded, and that on the ideological acceptance of two crucial, highly questionable hypotheses. JEL Classification: L32; H54.

Suggested Citation

  • Emilio Chernavsky, 2021. "The unfounded enthusiasm towards private participation in infrastructure," Brazilian Journal of Political Economy, Center of Political Economy, vol. 41(3), pages 563-587, July.
    • Handle: RePEc:ekm:repojs:v:41:y:2021:i:3:id:95043
    DOI: 10.1590/0101-31572021-3208
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    JEL classification:

    • L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures

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