Old challenges, new solutions: getting major projects right in the twenty-first century

Abstract

Abstract Major projects are high-value (£100 million+) investments across sectors such as transport, energy, health, defence, or IT systems. Globally, a significant proportion of government policy initiatives are delivered through major projects. There is, however, a paradox at the heart of the major project phenomenon. Although major projects are indispensable tools for turning policy ideals into reality, their track record is strikingly poor. Cost and time overruns, financial engineering, under-supply, poor service, environmental detriment, and social dissatisfaction blight major projects. Poor outcomes have been a feature of the wide array of delivery mechanisms deployed over the past 150 years, including direct public provision, regulated private provision, public–private partnerships, and concessions, agreements, and franchises. The papers in this issue of the Oxford Review of Economic Policy explore the nature of this paradox and offer strategies designed to get major projects right, including repeatable platform strategies; mission-orientated investments; and deliberative and collaborative incentive schemes.