Regulation and public‐private partnerships

Regulation and public‐private partnerships A public-private partnership can be seen as an appropriate institutional means of dealing with particular sources of market failure by creating a perception of equity and mutual accountability in transactions between public and private organisations through co-operative behaviour. The relative merit of the idea of public-private partnership is oriented mainly around a mutual benefit. As the roles of government in public-private partnerships are not only to provide services, but also to monitor the marketplace, a well-defined regulation framework is essential. A sound regulatory framework will increase benefits to the government by ensuring that essential partnerships operate efficiently and optimise the resources available to them in line with broader policy objectives, ranging from social policy to environmental protection. In turn, it provides assurance to the private sector that the regulatory system includes protection from expropriation, arbitration of commercial disputes, respect for contract agreements, and legitimate recovery of costs and profit proportional to the risks undertaken. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Public Sector Management Emerald Publishing

Regulation and public‐private partnerships

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Publisher
Emerald Publishing
Copyright
Copyright © 2002 MCB UP Ltd. All rights reserved.
ISSN
0951-3558
D.O.I.
10.1108/09513550210439634
Publisher site
See Article on Publisher Site

Abstract

A public-private partnership can be seen as an appropriate institutional means of dealing with particular sources of market failure by creating a perception of equity and mutual accountability in transactions between public and private organisations through co-operative behaviour. The relative merit of the idea of public-private partnership is oriented mainly around a mutual benefit. As the roles of government in public-private partnerships are not only to provide services, but also to monitor the marketplace, a well-defined regulation framework is essential. A sound regulatory framework will increase benefits to the government by ensuring that essential partnerships operate efficiently and optimise the resources available to them in line with broader policy objectives, ranging from social policy to environmental protection. In turn, it provides assurance to the private sector that the regulatory system includes protection from expropriation, arbitration of commercial disputes, respect for contract agreements, and legitimate recovery of costs and profit proportional to the risks undertaken.

Journal

International Journal of Public Sector ManagementEmerald Publishing

Published: Nov 1, 2002

Keywords: Public companies; Private companies; Partnering

References

  • A transaction costs theory of equity joint ventures
    Hennart, J.F

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