For democracy to deliver, reform efforts must focus on improving economic institutions as well as political structures. Many of the fragile democracies exhibit governments that are seldom accountable to their citizens beyond elections. In such countries, day-to-day decision-making processes remain opaque, unpredictable, and impenetrable for outsiders, while economic systems are being tailored to benefit the insiders. Corporate governance is a viable solution to many of these problems, and it is argued here that we should use it not just for large corporations, but small businesses as well, thus benefitting the entire economy.
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