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The Future of U.S. Infrastructure: Proposals for Progress
Author(s) -
Wahba Sadek
Publication year - 2011
Publication title -
journal of applied corporate finance
Language(s) - English
Resource type - Journals
eISSN - 1745-6622
pISSN - 1078-1196
DOI - 10.1111/j.1745-6622.2011.00346.x
Subject(s) - panacea (medicine) , gridlock , scrutiny , politics , commission , business , best practice , government (linguistics) , private sector , public relations , investment (military) , plan (archaeology) , public administration , finance , economics , political science , economic growth , management , medicine , linguistics , philosophy , alternative medicine , archaeology , pathology , law , history
America's transportation, energy, and water systems are in desperate need of maintenance, and new development must be encouraged to secure the country's economic future. This article proposes several far‐reaching but concrete and immediate steps to address these challenges: First, the U.S. must have a clear, comprehensive, long‐term plan for the development and maintenance of the country's infrastructure, one that will raise public awareness and promote new approaches. It should facilitate the development of such a vision at every level of government, with the aim of building consensus and encouraging local solutions. Next, the public sector should build an internal capability for evaluating projects, a centralized clearinghouse of best practices and educational resources to provide regional and local authorities with the information and expertise they need to enlist private investment in appropriate and productive ways. This is particularly true for Public‐Private Partnerships, which are mistakenly viewed by many as a panacea. Without careful scrutiny of such transactions, many will fail to realize the benefits that well‐designed PPPs are expected to deliver. Finally, despite best intentions, little progress has been made on the political front in addressing the crisis. A National Infrastructure Commission charged with assessing the country's needs and resources, identifying best practices, and making long‐term recommendations may be the catalyst needed to get past the gridlock, a driving force that can rise above the politics, draw from the best ideas, and provide a long‐term vision and pathway. To be most effective, the Commission should recruit a broad and nonpartisan membership, lever‐age the work of existing organizations, and provide a united front.