Sustainable Development Through Good Governance
Environment Foundation- Hariyali, September 2002

There is nothing new in the accounting frauds that have paralyzed US markets. Companies have for long used creative methods of accounting to inflate earnings and hide losses. It is just that markets today expect much greater transparency than before. Earlier you made money by not informing people. Today you make money by informing people.

Two billion of the world population today comprises peole who are within the ages of thirteen and nineteen and if you look back your household you will find that your purchases very often have been driven by the needs, whims and fancies of your teenagers.

Finally none of this will happen unless we have transparent, accountable, participatory, legitimate and equitable governance system. Our education system and training does not prepare us how to deal with failure and turn it to your advantage. We are consumed by the sucess syndrome. We donot realize that failure, in essence, is a pathway to success.

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