public goods

With the release of US Treasury Secretary Tim Geithner's latest plan to clear bad loans off the books of troubled banks in the US, the fact that the elaborate auction is essentially a public-private partnership has flown under the radar amidst celebrations and critiques.

Public-private partnerships (PPPs) are a relatively old tool of development work. PPPs are often implemented in developing countries for large-scale infrastructure projects, landscape or agricultural improvements, or any number of other "public goods" projects. Typically, governments will finance part or all of the project, while private firms will carry out the construction or operation of the project.