Infrastructure services in energy, transport, water, and telecommunications services underpin the wealth of modern nations. Yet inefficiencies abound. In developing nations hundreds of millions of people lack access to modern infrastructure services. Globally, as much as 40 percent of expenditures on infrastructure may constitute waste, equivalent to some 1 to 2 percent of global GDP. Natural monopoly features and sunk costs provide incentives for the parties to infrastructure ventures to play ransom games. Particularly in developing economies prices are often well below cost. Hence investors shy away and access remains limited. Government involvement in project choice and implementation may lead to ‘white elephants’ and mismanagement. Where head-to-head competition can be introduced, such as in modern telecommunications systems, the syndrome can be kept in check. Yet where such competition is not feasible, policymaking and inevitable price and quality regulation remain a challenge, requiring patient effort at arm’s-length from day-to-day political pressures.