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- Economic inclusion refers to equality of opportunity for all members of society to participate in the economic life of their country as employers, entrepreneurs, consumers, and citizens. Fostering inclusion through active participation in the market economy involves increasing access to opportunity while generating additional economic growth. Effective strategies for inclusion engage under-represented groups in the design and implementation of policies and programs.
- The article illustrates ways to promote youth entrepreneurship and women’s entrepreneurship and to facilitate the inclusion of informal entrepreneurs in the formal economy.
During the 1990s, the Republic of Montenegro struggled to establish itself as an outpost of economic reform and democratic development in the Federal Republic of Yugoslavia. Faced with economic and political opposition from the Belgrade regime of Slobodan Milosevic, the tiny republic has been struggling to develop its own institutions in an attempt to insulate itself from the disastrous effects of Milosevic’s isolationist and self-serving rule. A key element of Montenegrin President Milo Djukanovic’s government’s strategy to strengthen Montenegro’s economy and survive the difficult relationship with Serbia was to develop robust economic institutions and effect hard-hitting reforms to strengthen the private sector. The importance of private sector ownership and control of the economy, as well as the need to create sound independent financial institutions around which such an economy could flourish, were the priorities upon which the government developed its program of reforms.Read more...
Following the fall of the Milosevic regime, the government of Montenegro was presented with the opportunity to become an example of stability and growth in the Balkans. While restricted by short-term political uncertainty as it redefined its relationship with Serbia, Montenegro began moving ahead with crucial elements of its reform program targeted at stabilizing its economy and preparing for regional and international trade and competition.Read more...
The success of democracy in Iraq is largely dependent on the growth of Iraq’s economy. Recognizing this important condition for democratic stability in the country, the Iraqi Ministry of Planning and Development Cooperation and Iraqi Strategic Review Board recently created a “National Development Strategy: 2005-2007,” which is a forward-looking document that sets forth a strategy to increase the growth of the Iraqi economy. The strategy evaluates the major challenges faced by the economy and identifies some necessary steps to take to overcome those challenges.Read more...
Effecting Corporate Governance Reforms in Asia and the Pacific: The ADFIAP Corporate Governance Rating System
The Asian financial crisis of 1997 not only revealed the need for corporate governance reform in the region’s business community, it also demonstrated the need for reform within national development finance institutions (DFIs). Recognizing the governance challenges in the region and the role that DFIs can play in addressing these challenges, the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) initiated a comprehensive program to improve corporate governance mechanisms within its member-banks and other financial institutions.
The centerpiece of ADFIAP’s program is an assessment and monitoring instrument called the ADFIAP Corporate Governance Rating System (ACGRS). Consistent with other existing international governance rating methods, the rating system monitors the areas for governance reforms: Shareholder Rights, Commitment to Corporate Governance Principles, Board Governance, Disclosure & Transparency, and Auditing. By periodically tracking changes in governance policies and practices, the ACGRS evaluates the overall state and quality of governance in financial institutions.Read more...
Given financial scandals and the resulting new mandates on business, firms find themselves pressed to develop strong codes of ethics to guide the behavior of board members, managers, and employees. Although the concern with ethics has always been a part of doing business, business leaders today are beginning to think about ethics as a set of principles and guides of behavior rather than a set of rigid rules. In this sense, business ethics is not only an attempt to set a standard by which all of the employees of a firm can know what is expected, but it is also an attempt to encourage employees, managers, and board members to think about and make decisions through the prism of a shared set of values.
Future debates will center on the relative roles of the triangle of business, government, and NGOs in establishing these standards, as they find a way to meet high ethical standards and, at the same time, ensure that the reputational and collateral risks assumed by corporations do not inhibit the further development of the emerging markets.
- Democratic Governance
- Access to Information
- Combating Corruption
- Business Association Development
- Corporate Governance
- Legal & Regulatory Reform
- Informal Sector & Property Rights
- Corporate Citizenship (CSR)
- South Asia
- Middle East & North Africa
- Latin America & the Caribbean
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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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