The paper "Accountability and Transparency Issues Raised by Hyden " is a perfect example of a finance and accounting literature review. Transparency and accountability is not a new concept. In fact, the idea has been in existence for a long time both academic and political discourse, meaning in a generic way being answerable and open in running of a business, government, or other institution which affects the public (Carlitz, 2011). Various literature was written recently claim that the transparency and accountability concept has been in the limelight lately owing to its significance in both the public and private sectors.
Fox (2007a, p.12) claimed that the news in various media has shown worrying stories an increase of lack of transparency and accountability among companies and countries particularly developing countries. Many people are languishing in poverty as a result of bad governance attributed to the lack of transparency and accountability. The worst is that most citizens do care about their role in eliminating bad governance and contributing to transparency and accountability, which is a good path to a better life (DFID, 2010).
As a solution, researchers like Hyden, Court, and Mease have argued that as social beings, everyone must take responsibility and cooperate to foster transparency and accountability in society. Based on the reference, this essay will argue how the ideas raised by these researchers are relevant to develop nations. Transparency is defined as a way of doing things openly. It can be described as a case where governance or business transactions are conducted in an open manner with no secrets in order that citizens can trust what people in governance do as honest and fair (Tisné 2010, p.
25). In business or governance is about giving information on various transactions on how one has arrived at a decision. For instance, when a cashier is providing a record of products purchased after the transaction, it can be considered that the cashier is demonstrating transparency. In contrast, Goetz and Jenkins (2005, p. 5) stated that accountability defined as the state of being answerable and blameless in account giving. In broad, accountability is regarded as the taking of responsibility and acknowledgment for actions, policies, decisions that encompass the governance, administration, and implementation of various projects within one’ s position and ranks.