7. So, politically, governance is the key.
So understood, governance expresses a widespread belief that the state increasingly depends on other organizations to secure its intentions, deliver its policies, and establish a pattern of rule.
Mr. Mehra argued that cricket is a national obsession and that the B.C.C.I.'s cricketers represent India in international competitions, so its governance had to be transparent.
So understood, governance expresses a growing awareness of the ways in which diffuse forms of power and authority can secure order even in the absence of state activity.
"Regulators are going to be very much focused on what types of swaps get cleared, so the governance and ownership aspects that are just as important may not get the attention they deserve".
The second lesson derives from the first: Development levels matter, but so do governance capabilities, because together they determine vulnerabilities.
Well engineered disclosure rules make corporations transparent, so poor governance quickly depresses share prices, alarming shareholders who demand corrective measures.
This entire process would prove impossible to manage collectively, so our governance model divides this into stages.
In doing so, this governance structure also provided a credible system of accountability for external funders and institutions.
