The Eight Elements Of Good Governance And Development

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Governance and institutions goes hand in hand together in establishing development. Without governance and institutions, development won’t happen. And vice-versa, without development, there would be no governance and institutions. What makes these three elements important to one another? Let’s first define development. The definition of development differs from person to person, but it is widely agreed that development is the growth of social, economic, and environmental factors in a nation that would lead to a nation’s prosperity. Now let’s define governance. Governance refers to all the process of governing, whether undertaken by a government, market, or network, whether over a family, tribe, formal or informal organization or territory or…show more content…
According to the UNESCAP, there are 8 characteristics that make good governance makes up to its name. These characteristics are a consensus oriented governance, the participation of citizens in the decision making process, the following of the Rule of Law (the legal principle that law should govern a nation, as opposed of being governed by arbitrary decisions of individual government officials), having an effective and efficient governance, is accountable for all the decisions that it created, transparent to the people, and equitable and inclusive. Without these eight characteristics, a government cannot be defined into performing good…show more content…
Organizations such as UNICEF, UNDP, WRI, and many others are established with the purpose of helping the ones who needed it the most, a testament of aid by the more developed countries to their less fortunate counterparts. Developmental banks are the spearhead of these institutions, with numerous loans being given out to the countries that needed them the most. These loans are often allocated towards the construction, education, and medical sectors. The role of these economic institutions in the development process depends on the good governance that manages those institutions. Good governance within an institution prevents any chances and opportunities for corruption, thus allowing the funds that the institution handles to be delivered to their rightful owners. Good governance also allows supervision of the said institutions so that they stick to the plan of development, ensuring that they won’t go astray in order to pursue their personal

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