Good governance is essential for successful policies from "summary" of The Industrial Policy Revolution II by J. Esteban,J. Stiglitz,Justin Lin Yifu
The effectiveness of policies depends significantly on the quality of governance. Good governance is a critical factor in ensuring the success of policy interventions. Without good governance, policies are likely to be poorly implemented, leading to suboptimal outcomes. In contrast, when governance is strong, policies are more likely to be effectively executed, leading to positive results. Good governance involves various elements, including transparency, accountability, and the rule of law. Transparency ensures that decision-making processes are open and accessible to all stakeholders, reducing the risk of corruption and favoritism. Accountability holds policymakers responsible for their actions, ensuring that they act in the best interest of the public. The rule of law provides a framework for governance, ensuring that policies are implemented within established le...
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