The economics of infrastructure in a globalized world: Issues, lessons and future challenges

Abstract

Although infrastructure is widely recognized as a key ingredient in a country’s economic success, many issues surrounding infrastructure spending are not well understood. This paper explores six themes: The returns to infrastructure; the role of the private sector; the evaluation and delivery of infrastructure in practice; the nature of network industries, pricing and regulation; political economy considerations of infrastructure provision; and infrastructure in developing countries. This paper aims to provide insights into many of these questions, drawing on the existing literature.