The New Era of Public-Private Partnerships

As Bill Clinton acknowledged in 1995, “The era of big government is over.” However, society still needs to make investments in huge infrastructure projects like highways, dams, and cultural institutions. When developing these big projects while maintaining a smaller government, the solution is increasingly to turn to “public-private partnerships,” to which both government and private enterprise bring their unique advantages.

For example, the state of Texas has planned a new road-building project that would cost an amazing $184 .....