Whatever your political disposition, it must surely be obvious that - just as in the world of banking and finance - the incentives are dangerously skewed. The arguments in favour of private enterprise focus on efficiency and the profit motive. So far, so good: but how are we to guarantee the quality of work done by private enterprise? It's surprisingly easy to enter the low bid, and then use weasel methods to deliver far less than was required and promised.
Take the analogy of big banks. They gamble dangerously, so dangerously in fact that they are almost certain to fail after a fairly short time. Because they gamble so riskily, they make big profits. Then, when they step on a mine and get blown up, instead of being allowed to go bankrupt, they are bailed out by government using taxpayers' money. This has been described as "social security for the rich". The obvious solution is to forbid the creation of banks "too big to fail", and then allow nature to take its course. Also, no doubt, to enforce the separation between everyday consumer banking and legalised gambling.
When it comes to government contracts, especially for potentially very dangerous projects such as nuclear power stations, we need to demand a far greater degree of accountability from the contractors. The Romans are said to have required that, whenever a new bridge or aqueduct was built, the designers and architects should stand underneath it. That gave them a powerful personal interest in safety; and they built in such adequate safety factors that much of their work is still standing (and even usable) today.
What is the modern day equivalent of making an engineer stand underneath an aqueduct as it fills with water? If an industrial accident of any kind happens, possibly causing great harm, all those responsible should have to answer for their actions. Maybe the death penalty would be excessive, but certainly very long jail sentences would be in order. For a corporation, perhaps a fine equal to twice its annual profits coupled to prison sentences for all executives involved...
It will be objected that this would raise the cost of such projects excessively. So be it: if there is a serious element of danger, the cost of avoiding that danger must be factored in. If we can't afford the project, again so be it.