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Comments on Serap Ayse Kayatekin, "Sharecropping and Class: A Preliminary Analysis" (1996/97). In Marxist terms, sharecropping is only partly capitalist as the tenant may pay rent to a landowner but continue to own the means of production & thus avoid exploitation. It is shown by Kayatekin that industrial capitalism could not abide an alternative economic system, & eventually destroyed sharecropping in the antebellum southern US. However, there are some circumstances under which sharecropping might coexist with capitalism: (1) where the sharecropper does not purchase other commodities produced by capitalistic enterprises; (2) where the sharecropper sells his crop through the landowner, & thus receives payment as a form of wage labor; & (3) where the sharecropper & landowner share the surplus value in other proportions. 15 References. D. Ryfe

Infrastructures are facilities and services that support the functioning of human societies. Examples are utility networks (such as water, wastewater, gas, electricity, and communications), transportation systems (such as airports, railroads, roads, and bridges), public buildings (municipal buildings and hospitals), and social venues (such as sports and entertainment facilities). Capital intensity, network complexity, and criticality of services provided are among the main attributes of infrastructure systems. Infrastructure management is emerging as a top global priority in the 21st century d

PurposeTo examine the way the Government accounting and capital charging system allows for depreciation. Like the private sector, it is designed as an accounting measure of the consumption of assets. Unlike the private sector, it has no tax implications. Beyond accounting for asset consumption it does not seem to be a particularly useful tool of asset management. This professional paper examines the role of depreciation in the public sector, notes some shortcomings and asks whether its role could usefully be developed.Design/methodology/approachIt examines the existing professional standards and guidelines within which public sector property managers work and looks at a selection of the literature on depreciation generally with a view to shedding light on public sector asset management.FindingsCurrently the utility of the measures of depreciation for asset managers is limited. With extra work and research, economic measures of depreciation could be devised which might provide a broad measure of the consumption of assets or the deterioration of larger portfolios of property that can be valued on a market basis.Research limitations/implicationsFurther research should focus on the stability of the model when other portfolios are used and for different periods of the real estate cycle. It would also be fruitful to dig deeper in the relation between capital expenses and property values.Practical implicationsWith further work measures of economic depreciation may be designed to provide broad indicators of the deterioration of large public sector portfolios of assets such as offices or housing.Originality/valueOf interest to asset managers, public sector finance managers and researchers in this sphere who have to deal with the long‐term investment in non‐specialised public sector property portfolios.

In 2003 HM Treasury published a revised "Green Book", otherwise known as The Green Book Appraisal and Evaluation in Central Government – a technical guide, which is designed to help decision makers appraise and evaluate capital expenditure decisions more effectively. Coincidentally, the RICS brought out its revised edition of the "Red Book", now called The Appraisal and Valuation Standards, in March 2003. This paper looks at the development and recent changes to these documents particularly from the viewpoint of a public sector property practitioner involved in day‐to‐day appraisal.

This paper examines the way valuers working for Central Government apply the RICS Appraisal and Valuation Manual (the Red Book), its definition of depreciated replacement cost valuation and its effects on Government policy on public sector listed buildings, capital charging and Inner City Regeneration. This paper suggests that the Red Book provision for the valuation of specialised public sector buildings for which there is no market using depreciated replacement cost (DRC) method assuming actual replacement may discourage the use and reuse of those buildings. This could conflict with Government policy to preserve and enhance Britain's heritage of listed public buildings. Also the strict application of Red Book valuation standards may produce unhelpful valuations which impede the capital charging system.

PurposeThe paper aims to define and measure value for money (VFM) within the concept of private finance initiative (PFI), and investigate the principal factors in which opinions are formed.Design/methodology/approachLiterature review of texts, published papers, and reports are used to identify relevant parameters to the research. The sources support the arguments of opinion within the paper.FindingsPFI is still perceived by the government as the most cost effect means of procuring public infrastructure. The positive aspects of PFI are the competition generated by the concept, and improved risk management. Negative aspects include the lack of agreed formulae by all stakeholders by which to benchmark VFM, and an increasing sceptical electorate to the PFI concept of providing short and long term VFM.Research limitations/implicationsBy virtue of PFI being a dynamic, changing, and complex means of procurement, this research will be valid in its own right. However more up to date government policies must be consulted to take the determination of VFM in any further research.Practical implicationsThe research and conclusions will provide add to the current debate as to the viability of PFI, with VFM the main key point as to the ongoing success of the governments strategy this method of procurement.Originality/valueThe paper adds, to the "VFM" drivers that have been identified by identifying principle factors in creating VFM. This will be a sound basis for the justification of VFM in PFI.