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Article at a glance:
- Democratic governance and development go hand-in-hand.
- CIPE co-hosted an International Day of Democracy event with the Millennium Challenge Corporation on September 15, 2016 titled, "Democratic Governance: Unlocking the Keys to the SDG Agenda."
- CIPE Chairman Greg Lebedev opened the event with remarks on the intersection between CIPE and MCC and the importance of strong democratic institutions in the work the two organizations do.
In 1999, Kazakhstan was still in the beginning stages of its transition to a market-based economy. The transition had begun during perestroika in the late 1980s, when individuals were permitted to form their own businesses, called co-operatives. These entrepreneurial pioneers immediately attracted skilled workers from the state sector.
This paved the way for private sector development after 1991, though small- and medium-sized enterprises (SMEs) faced significant societal, institutional, and political barriers to growth. In its formative years, small-scale entrepreneurship in Kazakhstan was characterized by highly variable growth dynamics. In addition, a consistent national strategy in support of SMEs was not established, nor were sector and regional priorities identified.Read more...
As competition for investment is increasing throughout the world, economies seeking investment, both foreign and domestic, are realizing that business transactions follow stability. One of the best ways to ensure stability is to assure investors that when they enter a new market, they will be able to retain control of their profits and personnel, enforce contracts, and engage in productive activities – and will not be trapped by inefficient regulations. If an investor thinks his/her property is going to be expropriated, suspects the rules of the game will change arbitrarily, or feels the system is unstable, then most often that investor will decide that it is not worthwhile to do business in that market.Read more...
Fundamental and conflicting opinions about business ethics have been raised and debated for years. These views extend to questioning the very purpose of business itself. At one end of the spectrum is the Nobel Prize winning economist Milton Friedman, who concludes that corporate executives are responsible only for maximizing profit. At the other end is the late management thinker Peter Drucker, who argues that business must comply with the same ethical principles as everyone else.
“The question is,” Friedman posed, “do corporate executives, provided they stay within the law, have responsibilities in their business activities other than to make as much money for their stockholders as possible? And my answer is no, they do not.” Drucker, on the other hand, argued, “There is no such thing as ‘business ethics.’ There is only one ethics, one set of rules of morality, one code – that of individual behavior in which the same rules apply to everyone alike.”Read more...
Introduction: Co-operatives are Private Sector Enterprises
“Co-operatives are an alternative way of doing business, but an equally profitable way of doing business.”
- Iain Macdonald, ICA Director-General
The co-operative movement represents a significant sector of the world’s economy. According to International Co-operative Alliance (ICA) and UN estimates, 1.1 billion people are members of co-operatives, and their economic activity employs 100 million people. This means that they provide 20 percent more jobs than all of the world’s multinationals combined. ICA’s Global 300 Project, which examined the top 300 co-operatives worldwide, showed that their annual output was over $1 trillion, making the group the 10th-largest economy in the world.Read more...
CIPE: What is the role of real estate appraisers? How is their role different in emerging markets?
Bill Endsley: I have had many heated discussions with highly qualified engineers from Cairo to Patagonia who could tell me within a few hundred dollars the cost to build a building. I point out to them that if no one wants to buy the building, lease space in the building, if there is an excess of this type of a property, if it is on or near contaminated land, or any number of other reasons, then the market value of the building may be significantly less than the cost to build. In many countries, I have passed empty concrete shells, abandoned buildings – even theme parks – that took advantage of a ready flow of capital, but not the basics of supply and demand.Read more...
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The views expressed by authors are their own and do not necessarily represent the views of the Center for International Private Enterprise (CIPE). CIPE grants permission to reprint, translate, and/or publish original articles from its
The views expressed by authors are their own and do not necessarily represent the views of the Center for International Private Enterprise (CIPE). CIPE grants permission to reprint, translate, and/or publish original articles from itsEconomic Reform Feature Service provided that (1) proper attribution is given to the original author and to CIPE and (2) CIPE is notified where the article is placed and a copy is provided to CIPE’s Washington office.
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CIPE welcomes articles submitted by readers. Most articles run between 3-7 pages (1000-3000 words), but all submissions relevant to CIPE's mission of building accountable, democratic institutions through market-oriented reform will be considered based on merit. Economic Reform Feature Service articles are primarily geared toward an international, non-academic community of businesspeople, economic reformers, and policy-makers. Specific policy recommendations and articles based on direct experience are encouraged. In addition to articles, we are willing to adapt suitable lectures, speeches, research notes, and academic papers.
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