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- Infrastructure (also known as "capital goods", or "fixed capital") is a platform for governance, commerce, and economic growth and is "a lifeline for modern societies". It is the hallmark of economic development. It has been characterized as the mechanism that delivers the "..fundamental needs of society: food, water, energy, shelter, governance ... without infrastructure, societies disintegrate and people die." Adam Smith argued that fixed asset spending was the "third rationale for the state, behind the provision of defense and justice." Societies enjoy the use of "...highway, waterway, air, and rail systems that have allowed the unparalleled mobility of people and goods. Water-borne diseases are virtually nonexistent because of water and wastewater treatment, distribution, and collection systems. In addition, telecommunications and power systems have enabled our economic growth." This development happened over a period of several centuries. It represents a number of successes and failures in the past that were termed public works and even before that internal improvements. In the 21st century, this type of development is termed infrastructure. Infrastructure can be described as tangible capital assets (income-earning assets), whether owned by private companies or the government. (en)
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