ABSTRACT
The crux is value for money, penological and regime accomplishments as well as effective financial accountability being integral to the concept. All of the jurisdictions which have embarked on privatization have, to a greater or lesser degree, recognized that there must be some room for the public authorities to manoeuvre, consistent with probity, when awarding or renewing the contracts. There is a aspect of accountability to which there is no public sector equivalent–market forces. Every indication is that the structure of financial accountability of the private prison sector is strong. At the level of financial scandal, it is inconceivable that some penological equivalent of the Savings and Loans debacle or the plundering of the Maxwell group pension funds is in the wings waiting to make an appearance. Effective financial accountability depends upon both limbs of control and scrutiny. Whatever the philosophical, political or practical problems of prison privatization, financial accountability is not one of them.
