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Public-Private Partnerships

In: Housing Finance Systems

Author

Listed:
  • Sock-Yong Phang

    (Singapore Management University)

Abstract

A public–private partnership (PPP) is a formal contractual arrangement entered into between the public sector and the market in order to deliver a well-defined output or service. It is distinct from privatization inasmuch as there is the continuation of government engagement through some form of regulation by contract. PPPs have deep roots in the USA, where the scope of state-owned enterprises has been limited. In the 1980s, privatization of state-owned enterprises and assets started in the UK under the Thatcher government and subsequently became a worldwide phenomenon. Recognizing that complete privatization was not possible or desirable in some sectors, PPPs were first popularized in the early 1990s in the UK as private finance initiatives (PFIs) for asset-based infrastructure. During the past two decades, the PPP has been widely embraced by many governments as a method for the delivery of a wide range of services in sectors such as roads, rails, electricity, water and health.1

Suggested Citation

  • Sock-Yong Phang, 2013. "Public-Private Partnerships," Palgrave Macmillan Books, in: Housing Finance Systems, chapter 8, pages 97-108, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-01403-0_8
    DOI: 10.1057/9781137014030_8
    as

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