PAM – Public Accountability Mechanism
Countries all over the world are becoming part of this project and it is safe to say that it is worth the attention that it is getting. What is public accountability and what does it represent? How does it help with international trade and politics? Modern countries in the global system of production and with the free market no longer have a need to hide relevant state related information from the public and from other countries. On the contrary, transparency is considered an important part of today’s international politics. Why is this so?
The answer is simple enough, modern politics is greatly in control of the private sector and private investors have a need to know what is the state of affairs in the country they are willing to take their money to. Before they do so they will need to have some objective parameters to look at and by doing so to determine if the political and economic stability of the country in question is sufficient. The following five parameters all make up this system and once they are analyzed together they give us a complete picture of the socio-economic conditions in one country.
This aspect is concerned with the number of funds that are prescribed for political activities and for the financing of political parties in countries. Having the right balance is key for a good functioning democracy. There should not be too much fonds set aside for political activities as this will be an expense for the country, but enough needs to be given so all the public voices will be heard. Financial Disclosure (combination of income, assets, and conflicts of interest).
This is also important because it gives us an idea of how do the public officials use their position of power and whether or not they display symptoms of corruption and illegal activities. The extent of their wealth and property should be public knowledge.
Conflict of Interest Restrictions
There are situations when a person can pursue certain situations that can benefit them, but they do not. Sometimes this can be symptomatic of states that have bad governance or high level of corruption and low levels of social liberty. Keeping this aspect in check will help potential investors understand what they are dealing with when they want to invest in some foreign country.
Freedom of Information/Right to information
This aspect is here to help us determine how liberal in the political and social domain is the state in question. What institutions of public informing exist in the county and how well developed is the media system are just some of the conditions that are considered when this factor is determined.
This last aspect is one of the most important if we want to consider public happiness and the general state of affairs in the state. Every country naturally has a need for import and if the government does not meet al the needs of their people they could have a crisis in their realm.