Book Review: “Build: Investing in America’s Infrastructure” by Sadek Wahba

In his new book, Dr. Sadek Wahba, Chair of the WISC Steering Committee and Wilson Center Global Advisory Council Member, writes about the urgent need for the US to adopt new approaches to infrastructure investment, particularly by utilizing public-private partnerships.

Through his extensive experience in infrastructure investment management, including positions at the World Bank, Morgan Stanley, President Joe Biden’s National Infrastructure Advisory Council, and as founder of I Squared Capital, Dr. Wahba provides invaluable insights into the current state of US infrastructure and the need for private sector inclusion to overcome investment and management shortcomings. Dr. Wahba argues that more public-private partnerships (P3s) in infrastructure will lead to greater efficiency, accountability, transparency, and higher public satisfaction with infrastructure services. Dr. Wahba cites examples of successful infrastructure privatizations in the US as well as in allied, partner and competitor countries. Lessons learned from failed privatization attempts are also included.

US infrastructure investment is important for its strategic competition with China. China currently outspends the US on infrastructure, and its international infrastructure projects have increased the country’s influence in many developing countries. Dr. Wahba notes China’s acquisition of foreign ports with the country now possessing the largest number of equity interests in ports in the world. Meanwhile, there is not a single US port operator operating any significant port facilities outside of the US. Additionally, the US has few allies that actively own and operate critical ports. As Dr. Wahba argues, the US requires a new era of investment in infrastructure which should be linked to an “internationalist infrastructure strategy” to effectively compete with China (Wahba, 2024).

From a domestic policy perspective, Dr. Wahba suggests that the US public has the most to gain from increased private participation in infrastructure. Dr. Wahba points to the Flint water crisis as an example of poor public management in which the city’s water industry was exploited by government officials. Dr. Wahba make the case that placing critical infrastructure in the hands of the private sector removes government from the conflict of being both operator and regulator at the same time. Dr. Wahba recognizes however, that in order for P3s to be successful, strong government oversight and regulation is needed. Through polling results, Dr. Wahba shows that public support for private management of infrastructure is high, thus strengthening the case for increased private participation.

Sadek Wahba’s Build: Investing in America’s Infrastructure is an important work that highlights the US’ lagging infrastructure investment and proposes bold policy action to rectify it. While there is renewed attention to improving US infrastructure as demonstrated by the US government’s recent initiatives, Dr. Wahba’s book lays out how greater private sector involvement can be a sustainable path forward to improving the lives of millions of Americans, growing the US economy, and helping to ensure victory in strategic competition.