Accountability

"Humpty Dumpty took the book, and looked at it carefully, 'that seems to be done right' he began… 'You're holding it upside down!' Alice interrupted.
Although much is written on this subject, much remains yet to be discerned. It is said "no one individual or organization or government is responsible for solving the economic problems in a market economy. Instead, millions of businesses and consumers engage in voluntary trade, intending to improve their own economic situations, and their actions are invisibly coordinated by a system of prices and markets." The success of market economy depends thus on individual accountability for own action and decision. However, newly emerging economies will be better of if guided by the umbrella of leadership that gives consideration for strategic mind and scenario analysis, and by appropriate control of events.
The freedom of movement, thought and expression, all mean the liberty of the individual in manipulating business to own advantage without moribund bias against the interest of others. That is where accountability to society in general, and to one's organization and the state in particular, for own action and decision comes into the picture. However, the window of malice opens when accountability is ignored and managerial leadership is taken lightly in the society in the developing world.
It is in respect of this that controlling mechanisms are apparent in economics; and that inflation and deflation are obvious variables in a free economic system. True, there are some people who take momentary advantages of an economic disorder whenever that happens. Yet, referring, for example, the causes and effects of inflation only to a certain section of society, or blaming the negative outcomes that follow inflation on a government or one section may be illogical and sometimes deceptive for the causes of such effects could be inherent in the whole operation system of an economy.
I think it is here that every body should work hand-in-glove in creating viability in an economy since all have accountability to society as a whole and to their organizations or to the state separately depending on the nature of the elasticity of their responsibilities. The difficulty of some developing countries that have chosen market economy as the basis of their lives is the lull they create in the management of things, or ignorance of the fact that their existence is coordinated by a system of prices and markets. Market economy, although based on the expression of open settings, does not mean, however, the economic leadership is one of simply riding with a loose rein.
When a country's situation is seen from this perspective, it may be based in principle on firm grounds of commitment and undertaking.
The bulwark of a country's economy could be based, as in the case of Ethiopia, on agriculture, or as in Maldives on mercantile and tourism. Other countries could base theirs on different industries, or the combination of some of these. But, that commitment is firm and sound laying the basis for accountability. Evidently either one of these choices will be the source of primary foreign exchange components to help the speedy growth of other economic sectors.
Secondly, those countries which have made agriculture their primary target of development at the initial stage, not only will they strive to be self-sufficient in food, but also solidify their industrial sector with raw materials and with extra funds to be derived from the export of agricultural extracts, and vice-versa. It seems that the happy marriage of these two sectors as planned will help a country stand on its feet firmly.
However, unless people in general, and corporate leadership in particular, deliberately understand such a situation and assume accountability for their actions and decisions, and put every resources to the overall development purpose of a nation, no amount of input of resources only from one sector does at all solve any problem. It is because of such situation that checking mechanism becomes a necessary condition of life in any prevailing economy.
If a country wants to control inflation effectively, the response should come from the market itself. That such things as supply and demand should be, at least, at a level of equilibrium; and that the fiscal and monetary situation should be consistently and continually be checked are true; and that supply of exportable commodities should increase and meaningfully be diversified qualitatively and quantitatively to keep in balance a country's terms of trade without affecting the local consumers' market needs and without bringing a government into conflict with such section of society is also true. Until such a situation starts to respond positively and with success, chances are that ill-willed members of the business community who may have intentions of fishing in troubled waters, will be in a position to hoard essential commodities or export them illegally creating artificial price hike and social and political instability. This is where accountability becomes a decisive instrument of growth and a measure of discipline.
The present world economy has its own threats against growing economies, and such a condition aggravates the home economic situation. It is in view of this, the remedy of an ailing economy should be sought in unison rather than to isolate one and blame a problem on a social sector or a government only, as truly both parties can only successfully work together with a sense of accountability.