Transparency the key

Increasingly, I am of the view that it is not democracy or free markets that are the necessary pre-conditions for prosperity in countries around the world. Instead, the actions of governments and their leaders must be transparent for citizens to see and hold decision-makers accountable for those actions. This fascinating article from the Economist is about how oil-based economies have been a curse rather than a blessing for most. Even when funds are set aside for the future to cushion the inevitable blow for when prices decrease, the dirty hands of politicians and government apparatchiks screw things up. With more transparency, limits are placed on the ability of elites to co-opt the system for themselves. Once that happens, markets and then democracy can be established properly. A culture that rejects corruption is absolutely essential if democracy and free markets are to work.

And no, I haven't seen Syriana yet, but I will.