Governance and Economic Development

Governance is a process by which public institutions interacts with one another as they manage public issues and utilise public resources to attain the exalted objective of optimal social welfare The conception of governance is multifaceted and very dynamic, and has evolved over the years espousing all those attributes which has become valued in the society as it developed. The various entities that exist and participate in the governance process, the intention behind their involvement, and the relative extent of their presence have a significant impact on the nature and quality of governance that would be forthcoming. In most countries, the nature of governance is changing as power relations among different entities are continuously shifting especially after the re-emergence of the market economy. The perception of good governance is subjective. Under the circumstances, constructing criteria on good governance becomes an exceedingly difficult task, as it is virtually impossible to incorporate the diverse values and sensibilities of the extremely heterogeneous world in a universally acceptable set of criterion.