PFI/PPP projects are a product of neoliberalism, in particular the Design, Build, Finance and Operate (DBFO) model, which combines state and capital interests that increase the commodification and financialisation of public infrastructure, expands markets and ultimately widens the potential for privatisation of buildings, transport and utility networks and public services.
A large and complex contract is at the centre of every PFI/PPP, but no matter how comprehensive they are, virtually all contracts are incomplete in practice, because they cannot predict future events, changing levels of demand, revised public policy priorities, or technological and operational changes in service delivery.