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Traditional notions of accountability and corporate governance derived from institutions of advanced capitalist states are argued to be inadequate for global gifting relationships, such as those exemplified in the Live 8 and G8 events of 2005. This paper demonstrates using a literature based analysis and critique, and that ideas of accountability have narrowed over time from a broader idea of stewardship for a community to accountability to the providers of capital. It is argued that this has lead to the inadequacy of accountability and corporate governance mechanisms for calling to account economic relationships between geographically remote donor recipient relationships between states of different stages of market development. It is argued that new accountability and corporate governance mechanisms are needed because accounting avoids social responsibility by denying culturally determined legitimate meanings of value other than those constructed from the economic perspective. It is proposed that a construct of value from the gifting literature offers a transforming mechanism for remote donor recipient relationships’ accountability and corporate governance.

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