Ahadzi, M and Bowles, G (2001) Public-private partnerships in UK infrastructure development: The macroeconomic perspective. In: Akintoye, A (ed.) Proceedings of 17th Annual ARCOM Conference, 5-7 September 2001, Salford, UK.
Abstract
The construction industry's contribution to UK's gross domestic product (GDP) is in excess of 5%. Hence any attempt aimed at improving productivity and efficiency should naturally have a positive effect on the economy. The Private Finance Initiative (PFI) was introduced in 1992 by the UK government as part of a strategic rethink aimed at not only harnessing private sector efficiency gains in its infrastructure development and rehabilitation effort but primarily as a means of easing the burden on public debt by reducing the Public Sector Borrowing Requirement (PSBR) through the effective utilization of private capital by way of Public-Private Partnerships (PPPs). Set against the background of macroeconomic development theory, the paper reviews the central objectives of the PFI/PPP and examines how far the strategy is addressing the issues of growth and development. The evidence so far is that some of these growth determinants are being manifested. However there is the need to do some more empirical research on the projects that have been completed and running.
| Item Type: | Conference Paper (Paper) |
|---|---|
| Uncontrolled Keywords: | infrastructure; macroeconomics; public private partnership; investment; procurement |
| Index terms: | private finance initiative, evidence, construction industry, determinant, public private partnership, development theory, macroeconomics, efficiency, gross domestic product, partnership, private sector, strategy, productivity, public sector, infrastructure development |
| Subjects: | economic analysis, contractual arrangements, socioeconomic concepts, evaluation and assessment methods, risk assessment, economic theory, administrative law, industry analysis, partnership management, infrastructure engineering, performance management, management |
| Topics: | Business Strategy, Research Practice, Engineering Principles, Stakeholder Management, Risk Management, Procurement, Governance, Legal Issues, Quality Management |
| Descriptive scope: | 4 PCTA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here