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ECON 101 Economics

Published : 09-Sep,2021  |  Views : 10

Questions:

1- How essential is the private sector in reaching global sustainability?

2- How can governmental entities be more effective in harnessing private sector investment, expertise, and management capabilities?

Answers:

1.The central role of the private sector in sustainable development has shifted towards the new development where the private sector is no longer considered to be a development toll but instead they are regarded as the development agent. The unprecedented power of the private sector has changed the development system globally. Private sector has turned out to be the key development actors because of their control in the global value chain (Taussig, 2013). Accordingly, relief presenters progressively target to recruit the private sector as the development partner in order to mobilise private investment to invest in developing countries.

Meanwhile, the growing influence of the private sector has gone in hand with the crisis in civil society space. While the civil society internationally is becoming more global driven, diverse and inclusive of gender, its member is facing increasing obstacles in several context of the countries. However, several nations have reported regarding the serious threats to civic freedoms (Bernanke et al., 2015). The circumstances that overseas assistance play a less central role than the private finance for numerous countries has encouraged few governments to track the CSOs, especially when they are found to get in the way of the deals amid the governments and the private sector.

2.For governments that is seeking to expand its infrastructure, the government sector and private sector partnership provides an option that lies somewhere amid the public procurement and privatisation. Ideally, the public private partnership brings forward the competencies, efficiencies and capital in improving the public assets and services when the government does not have sufficient funds (Goodwin et al., 2015). The engagement of the private sector has been pivotal in the success of the several urban services delivery projects not only in the advanced economies but also in the delivery of the service projects in the emerging economies.

The public private partnership has enable the development and the management of the infrastructure along with the provision of public private service is considered as the strategic way of meeting the growing infrastructure needs of the urbanized world. The government entities can be more successful in harnessing the private sector investment by offering multiple benefits in the implementation of the transformation strategies by assisting the public sector in providing additional investment as the private sector capital and economic development (Sunley, 2017). The private sector helps in bringing innovative approaches in the spatial planning with human centred urban design by assuring greater efficiency and time commitments.            

References

Bernanke, B., Antonovics, K., & Frank, R. (2015). Principles of macroeconomics. McGraw-Hill Higher Education.

Goodwin, N., Harris, J.M., Nelson, J.A., Roach, B. & Torras, M., (2015). Principles of economics in context. Routledge.

Sunley, P. (2017). Principles of economics.

Taussig, F. W. (2013). Principles of economics (Vol. 2). Cosimo, Inc..

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