A detailed study of the longer-term impact of changes in the design, structure and financing of PPP/PFI projects, external economic and political drivers such as growth of the secondary market and government modernisation policies, and the effect of economic, social and employment change. The report also examines PPP/PFI performance, democratic accountability and transparency, the impact on jobs and concludes with an assessment of alternative public sector investment strategies. 80 pages, Dunstan Paper 2/2007, ISSN 1833-3613 Published by the Don Dunstan Foundation, University of Adelaide, Australia.