ABSTRACT
This chapter discusses the benefits to be gained from the realism that is being injected into the roles of the public and private sectors in urban economic development. Public policymakers have also tried the grand strategy of using government taxing and spending power to pursue their dreams of a good society. The purpose of public-private partnership is to link the dimensions in such a way that the participants contribute to the benefit of the broader community while promoting their own individual or organizational interests. For government officials, well-executed public-private cooperation in developing a community vision can reduce their political risk. Along with risk reduction, public-private partnerships, well designed and well executed, have a remarkable ability to increase benefits. And the intriguing fact is that all the necessary ingredients for a good public-private sector partnership are home-grown.
