Attend Spring Meetings on development topics from Apr 18-23. Comment and engage with experts. Calendar of Events

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Submitted by Dr P K Rao on
There is an urgent priority for the post-2015 MDGS / SDGs framework: Governance. There is no 'one-size-fits-all' prescription for this but a few few fundamental ingredients cannot be ignored for effective mechanisms in the design and implementation of relevant policies. These include: transparency, stakeholder participation, adaptive learning with feedback information systems, accountability, rule of law, enabling policies such as inclusive development. Each of these elements can be specified in relation to individual systems but cannot negotited away. International institutions (such as the OECD and the World Bank) have developed various governance indicators, some of which can be prioritized for goal setting. Besides, input-based specifications such as the stakeholder participation mechanisms and their effectiveness can be monitored and incentivized from domestic as well as external sources. Some of these efforts will lead to reduced transaction costs for the delivery of goods and services. It would be naive to repeat that market mechanism are the only ocst-reducing economic systems; these mechanisms function under the shadow of good governance. A start would be to ensure that countries effectively participate in the UN Convention Against Corruption, and in the Open Governance Initiative of the World bank Institute, among others. Any shortcomings in these international frameworks need to be reviwed and revised too.