Public-private Partnership and Smart Growth — Principles, Challenges, and Mechanisms for Effective Action

Abstract

The term smart growth is not new, but in the context of public-private partnerships, it gains a new meaning for social development, creation of a favorable environment for actions and successful entrepreneurial thinking. Essentially, smart growth combines a well-functioning educational system, medical and transport infrastructure, energy sector, etc. The triangle of knowledge and the triple helix (universities, government policies and business environment) can successfully be implemented in these sectors.PPP presents all favorable conditions for smart growth and forms a circle of organizational measures and scalable models of interaction. In order for any society to prosper, quality and effective educational environment are needed, as well as new knowledge and innovations that enhance the quality of life. Smart growth plays a significant part of the development of any economy and social environment. Why is PPP the basis for this growth? What is included and what are the benefits of public-private partnerships? The answer to these questions can be found in the interpretation of the partnership as a whole. It is used in the concept of "inclusive growth" as part of "inclusive business", "cross-sectoral partnership", a partnership for continuous development, etc. This study aims to find the factors that will ensure sustainable development and functioning of the PPP in support of smart growth. The barriers to this desirable interaction and possible ways to minimize them will be examined.