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The concept of good governance has typically been used in development economics as a way to describe the system of aid-recipient countries – developing economies.

(Or at least that’s what they’re supposed to do.) Systems of governance affect the performance of the state in executing its core functions and through this, the performance of countries in meeting their major economic and social goals.

In the private sector, the same concept applies – firms’ leadership enables the functioning of various departments and is responsible for the welfare of the firm’s employees.

Another factor of good governance is organizational capacity.

Good governance has to be built on the quality of organizations so that development is based on this rather than simply relying only on the political or personal will of a strong leader, which may not be sustainable over the longer term.

At some level, the leadership at the public and private institutions that has been involved in this crisis are being held accountable – top executives at these banks are being questioned and will be missing out on some of their bonuses; Greenspan is being called into question for his lax oversight of the markets.

But perhaps this call for accountability is a case of too little, too late.In loosening the capital rules, which are supposed to provide a buffer in turbulent times, the SEC also decided to rely on these investment banks’ own risk models, essentially allowing them to monitor and regulate themselves.The 2004 decision was a chance for the SEC to supervise the banks’ increasingly risky investments in mortgage-related securities, but the agency never followed through on this and it remained a low priority, until now.Euphemistically put, the unfolding of recent events has proven that this is not always true.Governments create the conditions for the functioning of markets, operation of private firms, strength of civil society, and welfare of communities and individuals.Both government and private sectors firms proved to be inadequate in this regard, and a case in point is the failure of the Federal Reserve under Alan Greenspan.

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