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Institutional arrangements that compensate for the absence of long-horizon capital categories. PPPs, special purpose vehicles, and off-balance-sheet financing emerged not as optimal solutions but as workarounds for vocabulary constraints. They synthesize continuity from instruments designed for discontinuity.
Public-private partnerships emerged because governments could not access 'long-horizon capital'—they are substitutes that import private financing to simulate temporal properties the public vocabulary cannot express.
LHC Section 5