Different Definitions
The World Bank defines governance as:
the manner in which power is exercised in the management of a country's economic and social resources for development.The Worldwide Governance Indicators project of the World Bank defines governance as:
The traditions and institutions by which authority in a country is exercised.This considers the process by which governments are selected, monitored and replaced; the capacity of the government to effectively formulate and implement sound policies and the respect of citizens and the state of the institutions that govern economic and social interactions among them.
An alternate definition sees governance as:
the use of institutions, structures of authority and even collaboration to allocate resources and coordinate or control activity in society or the economy.According to the United Nations Development Programme's Regional Project on Local Governance for Latin America:
Governance has been defined as the rules of the political system to solve conflicts between actors and adopt decision (legality). It has also been used to describe the "proper functioning of institutions and their acceptance by the public" (legitimacy). And it has been used to invoke the efficacy of government and the achievement of consensus by democratic means (participation).Read more about this topic: Governance
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