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"Public private partnerships in which the private sector takes on roles previously carried out by the public sector have been heavily promoted in the provision of infrastructure throughout the world, but especially in the UK, the USA and Canada. In Ideology Over Economics, economist John Loxley examines the expansion of P3s following the 2008 global financial crisis, when corporations responded to the crisis by lobbying governments for financial assistance and austerity governments responded by expanding financial resources for P3s. For many governments, the rationale for using P3s lies in the state manufactured fiscal crisis. The usual economic arguments underlie government largesse--lower cost, reduced risk and high-quality construction for public projects. In these arguments little has changed. From his close examination of case studies of P3s in the UK, Canada and developing countries, John Loxley concludes that P3s do not achieve any of these promised goals and argues that the expansion of P3s owes more to ideology than to a rational evaluation of their economic and community building benefits."--

Cover -- Half Title -- About the Book and Author -- Title -- Copyright -- Dedication -- Contents -- List of Tables -- Foreword -- Acknowledgments -- 1 The Nature and Origins of Economic Instability in the Third World -- The Symptoms of Third World Economic Crisis -- External Shocks and the Crisis of the Third World -- Explaining Economic Instability in Industrialized Capitalist Countries -- Notes -- 2 Domestic Policies of Stabilization and Adjustment -- On Finance and Adjustment -- On Stabilization Versus Structural Adjustment -- Policy Instruments of Stabilization and Structural Adjustment -- Alternative Policy Prescriptions -- Notes -- 3 Transnational Bank Finance and Structural Adjustment in Third World Countries -- Introduction -- The Growth of Third World Debt and the Debt Crisis -- Proximate Causes of the Debt Crisis -- Bank Vulnerability to the Debt Crisis -- The Attractiveness of the Third World Debt Market -- The Assessment of Creditworthiness -- The Attractions and Shortcomings of Bank Finance to Third World Countries -- Managing the Debt Crisis -- Medium-Term Prospects -- Notes -- 4 The International Monetary Fund -- Introduction -- The Structure of the Fund -- Fund Resources and Facilities -- Two Approaches to Crisis Management: The Fund Before and After 1981 -- Conditionality in Fund Stabilization Programs -- The Performance of IMF Programs in Terms of Their Own Objectives -- The Fund, the Major Debtors and the Banks -- Notes -- 5 The World Bank and Structural Adjustment -- Nature, Size and Terms of Structural Adjustment Loans -- The Conditionality of Structural Adjustment Loans and Its Rationale -- Formulation and Monitoring -- Relationships Between the World Bank and the Fund -- Assessment of Structural Adjustment Lending -- Concluding Observation -- Notes -- 6 Aid and the Economic Crisis -- Introduction -- Trends in Aid Flows.