WPPSS: Some Basic Lessons for Public Enterprise Managers
分析了1983年华盛顿公共电力供应系统（WPPSS）25亿美元市政债券违约事件，指出管理不善是主因，为公共和私营部门管理者提供避免类似失败的教训。
In the summer of 1983, the Washington Public Power Supply System (WPPSS) defaulted on $2.5 billion in municipal bonds—the largest default ever to hit the tax-free municipal bond market. Although many factors may have been involved in the WPPSS project collapse and default, the least understood and perhaps most important was inadequate management. A 1981 Washington State Senate Committee investigation of project cost increases and schedule delays concluded that mismanagement was primarily to blame. Why and how poor management helped lead to the WPPSS default suggests important lessons for managers in the private as well as public sectors. Although WPPSS, like other public enterprises, had the freedom and power to carry out business-like government activities, it was never managed in a business-like fashion. A recognition of this potential for failure is important for the development of good public enterprise managers, as well as for adequate state and local government public enterprise oversight mechanisms.