good governance
Quick Summary
Good governance, in political science, refers to the processes and institutions through which public policy is made and implemented. It emphasizes accountability, transparency, and the rule of law. In democratic systems, this means elected officials are answerable to the citizens, who in turn are responsible for the government's actions.123
The concept gained prominence in discussions of economic development, where international organizations like the World Bank and IMF began using "good governance" as a criterion for aid. This definition often includes an efficient administration, functioning markets, checks on executive power, an independent judiciary, and a competent public service.1
In corporate contexts, good governance ensures ethical leadership, accountability, and responsible operations, influencing a company's ability to achieve sustainable growth. It involves structures like boards of directors and internal controls that guide decision-making and accountability to shareholders and stakeholders.4
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