Substance, Form and PFI Contracts

The Private Finance Initiative (PFI) was launched by the United Kingdom Government in 1992 in order to encourage the private sector in the UK to become more involved in public sector development projects. A key theme of the initiative was that the public should receive 'value for money'. This article investigates the accounting issue as to whether or not the private or the public sector should record any property related to PFI projects on balance sheet. It argues that although both HM Treasury and the Accounting Standards Board (ASB) might agree on the accounting principles, the practical impact is that in order for related properties to stay off the public sector's balance sheet, substantial risk needs to be transferred to the private sector. As a consequence of this, the objective of providing value for money to the public may not be achieved.     

International Collaboration in the Search for Sustainable Tourism in Bali,Indonesia

The Bali Sustainable Development Project (BSDP) is described and the procedures, definitions and criteria employed in the formulation of a sustainable development strategy for Bali are presented. Tourism is a major agent of change in Bali so that it has considerable implications for sustainable development there. The BSDP experience indicates the great importance of cultural sensitivity and linkages with and utilisation of existing institutional frameworks when working in an international collaborative context. Pervasive concerns, regardless of culture, are intersectoral linkages and topdown, bottom-up relationships.     

Two estimators for the apt model when factors are measured

Non-linear SUR and ITSUR techniques are proposed for the estimation of the APT and the CAPM when the factors are observed. These techniques estimate all of the parameters of the model simultaneously and directly impose the model's non-linear parameter restrictions.     

The cost of elections: the effects of public sector austerity on electoral integrity and voter engagement

Concerns have been raised that insufficient funding has been affecting the delivery of elections in many countries. This paper presents a case study of England and Wales from 2010–2016. It demonstrates that many local authorities saw major real terms cuts and were increasingly over-budget. Those subject to cuts were less likely to undertake public engagement activities. State efforts to encourage voter participation may therefore be a casualty of austerity.     

New development: The paradox of outcomes—the more we measure,the less we understand

The use of ‘outcomes’ as a concept to measure the effectiveness of social policy interventions is inherently flawed and creates unwelcome paradoxes. This article explains why, instead of improving the lives of those who receive support, a focus on outcome information distorts both the priorities and practice of organizations who deliver such support, resulting in poorer results for those most in need. It provides an important first stage towards the evolution of new ways of conceptualizing ways to create improvements in social policy delivery.     

Global Heritage and Local Problems: Some Examples from Indonesia

This article examines what happens to those who live in and around monuments as a result of World Heritage designation. Using the examples of Borobudur and Prambanan in Indonesia as study sites, it is argued that the values that local people attach to heritage are often different from, although not necessarily less important than, the values ascribed by international agencies, government officials, tourism developers and others. However, their perspectives are often not adequately represented or respected by other participants in the planning and management of sites, to the detriment of both the plans and the people. The tendency to adopt top-down, rational comprehensive planning procedures has resulted in the disenfranchisement of local people, giving greater prominence to expressions of national, 'official' culture and nationalism at the expense of local culture. It has tended to freeze sites and displace human activities, effectively excluding local people from their own heritage.