An emerging example is the West Coast Infrastructure Exchange, a collaboration between California, Oregon, Washington and British Columbia standardizing transparency, contracts, labor and risk allocation. The goal is to build a market for projects. By sharing details, project finance and delivery methods can be scaled and replicated. If successful, the WCX could be a model for other state, city and metro infrastructure exchanges.
Each exchange could focus on the infrastructure delivery and finance strategies suited to the culture, traditions and needs of the region it serves. An East Coast or Mid-Atlantic Exchange could focus on rebuilding coastlines and climate resiliency after Hurricane Sandy, or on transportation projects that cross state borders. A Midwestern Exchange might focus on water infrastructure in a largely slow growth environment or on projects with Canada.
A Southern Exchange might facilitate new infrastructure to accommodate fast growth and new manufacturing, supply chains and movement of goods. Regardless of their focus, exchanges could be linked through a project clearinghouse to share data, information and best practices. Energy, telecommunications and freight rail will remain dominated by the private sector typically with federal and state regulatory oversight.
But there will also be new types of public and private relationships in these sectors, too. For example, while broadband networks are still delivered by private companies, local governments recognize that this kind of network access is equally important to the future economic success of households as well as businesses. So as cities such as Los Angeles explore ways to extend broadband to all homes, they also are working to figure out the financing arrangements and business opportunities for firms interested in developing those networks.
The trade and logistics industry is highly decentralized, with private operators owning almost all trucks and rails, and the public sector owning roads, airports, and waterway rights. Unlike such countries as Germany, Canada and Australia, the U.
Innovative partnerships are therefore necessary to make freight movements in and around big cities more efficient and reliable. The CREATE program in Chicago aligns several such interests in a citywide effort to relieve freight and passenger bottlenecks that cause delays. It is clear that projects are becoming more complex. There is not one-size-fits-all form of financing for them. It very much depends on the place, time and particulars of each project.
The level of private engagement will depend on market and business opportunities. These must respond to economic, demographic, fiscal, and environmental changes if they are to help people, places and firms thrive and prosper. This commentary was originally published by the Washington Examiner.
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But what other characteristics are linked with economic development? Continue Reading. Read More. Infrastructure and Rural - Urban Development. Economic Development Introduction Governments the world over have long been investing in infrastructure in the hope of boosting economic development of their country. Infrastructure Infrastructure is basic physical and organizational structures needed for the operation of a society or enterprise ,[1] or the services and facilities necessary for an economy to function.
Economic development Economic development is the sustained, concerted actions of policy makers and communities that promote the standard of living and economic health of a specific area. Economic development characteristics of Economic Development A country or a society's economic development is usually associated with rising incomes and related increases in consumption, savings, and investment.
In neo-classical growth models, the long-run rate of growth is exogenously determined by either the savings rate the Harrod-Domar Model or the rate of technical progress Solow Model.
However, the savings rate and rate of technological progress remain unexplained. Endogenous growth theory tries to overcome this shortcoming by building macroeconomic models out of microeconomic foundations.
Households are assumed to maximize utility subject to budget constraints while firms maximize profits. Crucial importance is usually given to the. Show More. Read More. The Triple Bottom Line Theory: The Triple Bottom Line Concept Words 6 Pages Conflation of the terms has roots in the belief that structural economic development is a precursor to economic growth, as well as the belief that economic growth is a precursor to improved well-being development.
Difference Between Classical And Keynesian Economics Words 4 Pages It demands that since the government benefits from the labor of its people and while also supporting its interests in specified industries, that it should also give back to infuse and invigorate the flow of money and opportunity when it stagnates. John Muth's Rational Expectation Theory Words 4 Pages Since the company weakens supply while demand stays the same, the price will increase. John Keynes Model Of Government Intervention Essay Words 4 Pages However, prior to the same, Classical model presented an ideal image of economy at full employment that allows full utilization of existing resources Blanchard, Related Topics.
Donors should also help with the road construction. It was important to finance a study of the missing links of the network, and that could be done through a donor conference, which could be organized next year.
Problems such as corruption had been identified, but while he agreed, he said it was often forgotten that competitive environments did arise automatically. In Brazil, for example, the ports had been privatized, but they had still had a tendency to be dominated by cartels. He said there were similar problems in neighbouring countries, where airports were affected, as well. Regulatory agencies had to be strong and should seek good examples of regulation in that area. If there was no competitive environment, countries could end up worse off than they were before.
While globalization had eliminated the importance of time and space, people made a conceptual error when they equated the reduction of time, because of telecommunication, to the reduction in distance. Of utmost importance was the fact that the Conference introduced a special programme for LDCs. That programme called for increased and more focused assistance for LDCs in the areas of: sector reform and restructuring; introduction of new technologies; rural telecommunication development; and financing, tariffs and partnerships.
He said that, judging from the adoption and implementation of the Valletta Plan, 10 LDCs had now attained better tele-density than some non-LDCs in the low-income bracket.
There had been striking growth in mobile use, Internet users, satellite antennas and personal computers. The environment was rapidly changing. There was a convergence of technologies and an emergence of smart technologies. Those technologies could provide a global information infrastructure that could help LDCs leapfrog into the information age, without having to spend a lot of money digging trenches and wiring the cities and rural areas.
The ITU, as the lead agency, was ready and geared to assist all its constituencies to emerge from the jaws of telecommunications poverty. A speaker informed the participants about the outcome of a high-level international dialogue on infrastructure development, which had taken place in Bonn in March. It was important, however, not to replace the public monopoly with private ones. Local capital markets needed to be developed, along with mechanisms for foreign investment.
Subsidies for such basic services as water provision were also mentioned in the debate. What could underdeveloped countries do to secure funding for their infrastructures, if it was precisely the lack of those infrastructures that prevented investors from investing in the first place? The use of advanced technologies received support from the floor, for the rapid development of telecommunications and Internet services, for example, could have a beneficial effect on the economy, which, in turn, could result in increased investments.
Fair competition in granting licenses was also stressed, along with the need for a regulatory framework for infrastructure development. The were also requests for information and assistance with particular projects of interest to underdeveloped countries, including irrigation, road building and water use, for the lack of resources prevented many LDCs from implementing much-needed measures.
Policy implementation should be based on feasibility studies, a speaker said. Genuine international support was needed for infrastructure development projects, and human rights should be taken into account.
Smaller communities and businesses should have their say in policy formulation and participation in infrastructure development. If people considered such infrastructure elements as schools and hospitals as their own, those structures would not be the first to be destroyed at the time of conflict.
The risks and costs of doing business in the LDCs needed to be evaluated, and their markets needed to be enlarged. Nothing could be achieved, however, if international financial institutions, including the World Bank and the African Development Bank, continued to insist on the same conditions and requirements.
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