Sample Essay on Public Private Partnership in United States
Governments worldwide have resolved to try other means to increase development and deliver to the public. One of the great ways is through a partnership with the private sectors. These initiatives have taken many extraordinary forms. This includes outright privatization of formerly state-owned industries, use of private finance in the provision of social infrastructure, and contracting out certain revenue-generating services. The United States is one of the nations that have been on the forehand in embrace public-private partnerships.
Public private partnerships [P3] are known to offer a long-term, sustainable approach to improving public service delivery, enhancing the worth of public assets, utilizing taxpayers’ money aptly, and improving social infrastructure. Partnerships between different states and private sectors in the US are now the best alternative to the traditional state of provision of services and matchless public facilities. These joint methodologies have made it easy for the public sector client and the private sector supplier to merge their skills to achieve great results that neither party could achieve on its own.
Public private partnership in the United States has emerged as an important model for many states to embrace and close the public service gaps as it offers several benefits to the government in addressing various issues affecting the general public. The involvement of the private sector in the U.S has been a success as it has led to the development and financing of public facilities and services over the decade. Approaches to PPPs continue to be developed with the high demand for better services and to draw together public and private sectors to share risks and profits.
Through Public Private Partnerships, it has been easy to bring out the complementary skills of the public and private sectors to a project with varying levels of responsibility and involvement. Hence, it has been easy to provide public services more efficiently in the country. The concept of PPP in the United States has been effective despite the 2008 recession and economic crisis that the nation has experienced over the years. In a sense, PPPs have become more prominent with time and the unexpected growth of the Private Finance Initiative [PFI] has inspired not only the US but also many other governments in the globe to adapt to the Public Private Partnerships as most governments have realized their worth.
The United States has been a pioneer in contracting out and has embarked on the experimentation of other forms of PPPs. The only shortcomings have been in policy formulation and implementation, lack of access to investment capital, poor supervision as well as corruption in many states in meeting the goals of Public Private Partnerships. Other PPPs endeavors have been affected by a lack of political transparency and risk management. Fortunately, due to the many benefits presented by PPPs, the US has opted for approaches such as equitable risk-sharing, cost savings and value of money, reduced public financing, the catalyst for the U.S economy, and enhanced asset quality and service levels.
For the private sectors and lenders to develop public infrastructures and other projects, it is wise to consider the environment where these projects are taking place. For the Public Private Partnerships schemes to work there should be a favorable legal, political, economic, and commercial environment for private sector participation. The United States is thus in a better possible than any other part to create such conducive environments and eradicate any fears and political risks that hinder development.
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References:
http://www.governing.com/topics/finance/gov-public-private-partnerships-in-america.html
http://www.wipo.int/export/sites/www/econ_stat/en/economics/gii/pdf/chapter2.pdf
http://www.brookings.edu/~/media/Research/Files/Papers/2011/2/partnerships%20engel%20fischer%20galetovic/02_partnerships_engel_fischer_galetovic_paper.PDF