Promoting Accountability, Fairness, and Transparency in our Community

Dear BIS Community,

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 I am writing this email to inform you about our third unit of inquiry whose central idea was “Transparent economic activities lead to a system of justice”. 

Starting off with fairness.  Fairness is important for economic activities because it helps to create an environment in which all employees feel safe and engaged with their roles.  Fairness means being free from bias, dishonesty, or injustice.  Fairness means also when everyone has the same chances of getting a job or getting promoted valuing the effort and work the person does compared to the people who put less effort and work.  For example, if two employees are joining a new job they should have the same amount of chances to join if they both put in a lot of effort and are both hard-working and smart they should have the same chances.

Next up is  accountability.  Accountability is important for economic activities because the organization is able to elevate its performance across a variety of aspects. Accountability’s definition is the state of being accountable and liable including answerable. Accountability can also mean responsibility. For example, you are responsible for paying your taxes or else you will be in trouble and have to pay higher fines.

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Last but not least transparency is important for economic activities because it strengthens businesses' accountability.  Transparency’s definition is the clear communication between stakeholders.  For example, if there is a sale on all the products of a company they should not raise their prices during the sale day.  This means that they are not being transparent with their marketing.  In my point of view, they are not being transparent in this case and possibly this company may go bankrupt.

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Finally, accountability, fairness, and transparency help make a country’s economy strong because in my opinion, people will start trusting the government and businesses more because of them being accountable, transparent, and fair. In addition, this could lead into more people trusting them and it would help make a stronger economy which will lead to economic growth.

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 Thank you for your time reading.

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