Term of the Day for Nov 12, 2009: Quasi Non-governmental Organization (Quango)

Thu, 12 Nov 2009 01:38:15 -0600

Government created and funded organization (therefore held accountable to the government) but outside the civil service and enjoying operation independence. Quangos generally perform regulatory or watchdog functions, or engage in commercial and semi-commercial activities which a government usually may not. British broadcasting corporation (BBC) in UK and Federal Reserve bank (The Fed) in the US are the prime examples. Also called Quasi-Autonomous National Government organization. Coined in 1967 by Alan Pifer, the then president of Carnegie Corporation.

BusinessDictionary.com Term of the Day