A megaproject is an extremely
large-scale investment
project.
Megaprojects are typically defined as costing more than US$1 billion and attracting a lot of public
attention because of substantial impacts on communities,
environment, and budgets.
Megaprojects can also be defined as "initiatives that are physical, very
expensive, and public". Care
in the project development process is required to reduce any possible optimism
bias and strategic misrepresentation, as a
curious paradox exists in which more and more megaprojects are being proposed
despite their consistently poor performance against initial budget and schedule
forecasts.
Rationale
The logic on which many of the
typical megaprojects are built is collective benefits; for example electricity
for everybody (who can pay), road access (for those that have cars), etc.
Megaprojects have undergone a wide criticism for their top down planning
processes and for their ill effects on certain communities. From the 1960s on,
mass mobilization took place against the building of inner city freeways in
North America (for example in New York City, Toronto, Seattle, San Francisco),
or nuclear power plants in the United States and Germany, or proposal for new
airports such as Mexico City in 2001. More recently, new types of megaprojects
have been identified that no longer follow the old models of being singular and
monolithic in their purposes, but have become quite flexible and diverse, such
as waterfront redevelopment schemes that seem to offer something to everybody.
However, just like the old megaprojects, the new ones also foreclose "upon
a wide variety of social practices, reproducing rather than resolving urban
inequality and disenfranchisement".
Because of their plethora of land uses "these mega-projects inhibit the
growth of oppositional and contestational practices".
The collective benefits that are often the underlying logic of a mega-project,
are here reduced to an individualized form of public benefit.
Economics
Investing in megaprojects in order
to stimulate the general economy has been a popular policy measure since the
economic crisis of the 1930s. Recent examples are the 2008–09 Chinese economic stimulus program,
the 2008 European Union stimulus plan,
and the American Recovery and
Reinvestment Act of 2009.
Examples
Main article: List of megaprojects
Megaprojects include bridges, tunnels, highways, railways,
airports, seaports, power
plants, dams, wastewater
projects, Special Economic Zones, oil and natural gas
extraction projects, public
buildings, information technology systems, aerospace
projects, weapons systems, large-scale sporting
events and, more recently, mixed use waterfront redevelopments; however,
the most common megaprojects are in the categories of hydroelectric facilities,
nuclear power plants and large public transportation projects.
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