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2017 | nr 271 | 230
Tytuł artykułu

Partnerstwo publiczno-prywatne w ujęciu heterodoksyjnym

Warianty tytułu
Heterodox Approach to Public Private Partnership
Języki publikacji
The emergence of public finance crises in conventional economies urges us to reflect on the causes of imperfections in public funds management. Governments' previous initiatives to stabilise finances and to improve social well-being, using existing science achievements in finance and the experience of the economic society, have failed and have not brought the expected results. Reducing public spending and increasing fiscal burdens are met with social resistance. In addition, progressing stagnation in the implementation of both public and private investments reflects the uncertainty of current market conditions and the impasse in the performance of state functions. Within the confines of the European Union are its pillars, such as the monetary alliance, regional and social policy, etc., which, despite the progressing globalisation and internationalisation of individual economies, are inadequate to the current domestic problems of the individual countries. The unification of public policy, including the level of public debt, does not contribute to the improvement of the situation. The unfavourable demographic trends in Europe and the migration of the population, both deepen the crisis of social policy. Meanwhile, Islamic countries have seen another type of challenge facing public finance managers, who have found it necessary to find greater opportunities for budgetary income diversification and the disappearance of the Islamic system's isolation from the conventional financial system. The large Islamic capital and assets facilitate their expansion into external markets and the widespread use of assets and financial structures based on them to make the necessary investments. Opening up to new markets will contribute to the acquisition of knowledge, which is often a barrier to the development of Islamic countries. It seems necessary to popularise the principles of the Islamic Moral Economy as honest, transparent canons of performing state functions, economic development and ensuring social well-being in a globalising world. The Sub-Saharan African region is a key area that is dependent on both conventional and Islamic financial systems. The countries of this area represent high economic and social potential, but they require real, deliberate interventions to introduce public policy, transparent public finances and profitable economic bases for private investors. The necessity of protecting these markets against "new colonialists", depriving the continent of valuable assets, is increasingly clear. Therefore, to undertake multidisciplinary research related to the search for new public finance rules appears to be particularly relevant and useful. The presented scientific analysis confirmed the hypotheses: -- convergence exists, understood as convergence in selected areas of conventional public finance and of Islamic Moral Economy, for the development of emerging and developing economies wishing to implement PPP investments; -- promoting public-private partnerships in emerging countries can help stabilize their economies; -- it is possible to manage risks of public-private projects on the bases of applying both conventional financing and Islamic finance; -- applying the proposed heterodox approach to PPP can help increase conventional investors involvement in Islamic finance countries, also on new markets, where both can co-operate; -- heterodox approach to PPP can be a solution to the public finance crisis in different economic circumstances, especially those that convene convergence of the principles and philosophy of managing conventional and Islamic investors. This monograph is a manifestation of the search for a theoretical model that explains the ever-changing reality. It gives the foundation for shaping new theoretical solutions in the area of public finance in emerging, developing countries, particularly in Sub- Saharan Africa Region. It is a kind of provocation that encourages the revision of the perception of the often-disjointed systems of conventional public finances and Islamic finance. As a consequence, it allowed the creation of a new concept called heterodox approach to public-private partnership, theoretical solution, attractive and adequate to the needs of the market, in times of uncertainty and crisis of public worldwide. The conducted discourse is a contribution to the further discussion on the development of public finance theories and the inclusion of various developments, including the Islamic Moral Economy. Thus, the heterodox approach in PPP directs to obtain the convergence between selected goals: conventional private investors - maximising profits, Islamic investors - maximising social well-being and profits, as well as public entities goals - provision of public services with specified quality and accessibility. At the same time, the proposed platform for the interpenetration of both financial systems and the principles of financial management (public or private) guarantees equal opportunities for cooperation between those parties from different socioeconomic and religious orders. Each partner waives some of their rights, invests what is their key, material or financial capital, and seeks to achieve stable, predetermined shared profits over the long term, with particular emphasis on the positive impact of cooperation on the society. The proposal for a heterodox approach to PPP may prove to be an appropriate solution for many globalising economies, not just emerging or developing countries but mainly those looking for new financial management pillars and shifting away from cumulative external financing for greater use of their own economic or social attributes and assets. Due to the inadequacy of the current theoretical models, which do not fully explain the reality and do not permit the possibility of permeating selected conventional and Islamic finances, new, more reliable solutions are sought. The heterodox approach to PPP presents a solution that is beneficial for many types of partners, including: public and multicultural societies, conventional investors and Islamic countries, as well as from Sub-Saharan Africa Region. It contributes to the aforementioned continuous development of the financial discipline and the shaping of the new trend in the subdisciplines of public finance.(original abstract)
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