Neoliberal policies over three decades have created the conditions for new forms of accumulation. They centred on the promotion of free trade, competition & markets; deregulation; the deconstruction of democracy enabling a partnership between state and finance/business, whilst consolidating corporate welfare; reconfiguring the role of the state; and reducing the cost and power of labour.
The 'transformation' of the public sector is a specific objective that led to a four-part strategy to financialise, individualise, marketise and privatise public services and the welfare state (Whitfield, 2012). "Financialisation has, in effect, enabled banks and financial institutions to significantly influence which schools and hospitals do, or do not, get built and on what terms. It provides new opportunities for capital accumulation in the provision of public goods. Income generation requirements increase the potential viability of outsourcing contracts and fees, charges and tolls impose commercial attributes and values in public services" (Whitfield, 2016).
PFI/PPP projects are a product of neoliberalism. The Design, Build, Finance and Operate (DBFO) model: has increased the commodification and financialisation of public infrastructure to provide new opportunities for accumulation; created new markets for finance capital, construction and facilities management companies, consultants and lawyers; reduced the role of the state; and ultimately widened the potential for privatisation of buildings, transport and utility networks and public services.