The editors, who have an excellent track record in research into private finance themselves, have brought together 40 leading researchers and practitioners from around the world to capture and disseminate their current understanding and best practice in public-private partnerships, PPP. Although certain policy issues are almost generic, there are key differences in culture, capital markets, government objectives and public expectations that must be recognized and managed effectively for projects to be successful. The practice of PPP continues to evolve but this book represents a comprehensive and largely successful attempt to facilitate the understanding of the nature of these projects in various environments.

Although it is possible to read this book from cover to cover, it is doubtful if most readers will utilize the book in this way. The text is sub-divided in to three main parts; PPP policy, PPP finance and PPP management. Readers are likely to be drawn to those chapters dealing with the specific issues most pertinent to their immediate needs. No text on this subject can claim to be exhaustive and indeed the editors make it clear in the Foreword that they are well aware of the realistic expectations of the book. Part 1 consists of eight chapters and covers the main policy issues from the viewpoint of both government and promoter, utilizing both theoretical and empirical findings and considering both developed and developing countries. Finance is the topic of Part 2 divided into seven chapters. This area is probably the subject of more investigation and research than any other aspect of PPP. The chapters cover some of the different practices found in different countries and give some brief case study examples. Despite being published in 2009 the text is not able to cover the international effects of the 'credit crunch' and the new financial environment in which PPP now has to operate. Finally Part 3 covers management aspects in nine chapters and is the most interesting section of the book. A number of expert authors take us through aspects of projects which illustrate significant PPP attributes and yet give a valuable insight into the current state-of-the-art. Most chapters also supply list of references for further reading.

The book is one of the better 'review' style texts and contains to aid the understanding. Most chapters contain elements of useful information or knowledge which can be assimilated by the reader; interestingly the editors do not provide their overview of best practice hence this judgment is left to the individual. The one minor drawback is that the text does not really address the problem of projects not sited to the PPP approach. PPP is not a panacea and it would have been useful to have some of the reasons and alternatives addressed alongside the PPP positives.

This book is a valuable addition to the libraries of colleges, universities and government, financial and engineering organizations involved in PPP projects. Individual copies will be likely to be keenly sought by researchers. Inevitably any book of this sort will start to date as the practice of PPP continues its evolution. With better understanding will come more appropriate and innovative methodologies and a reduction in the proportion of privatization failures. The editors are to be congratulated on the book but read it now.

Professor Nigel Smith

University of Leeds

1st May 2009