Corruption is the abuse of public trust for private gain. This definition is rather universal and many argue that it is vague and that there is variety of corruption, one being corruption under economic sense. Corruption is an ancient phenomenon which is very hard to suspect and even harder to measure. According to Kangle (1972) noted in Bradham (1997): "it is impossible for a government servant not to eat up, at least, a bit of the king's revenue.'' Kangle suggests that presence of corruption due to our nature is rather inevitable. In the anecdotal evidence corruption is mostly spoken about in a negative manner, referred to as cause of poverty and etc. However it is important to understand what is its real effect on the economic development in various countries.
"China is demonstrating that rampant corruption is no barrier to a country's dramatic rise on the world stage." Challaney (2011)
"Stamping out corruption is one of the biggest challanges that India faces, as the country is poised to be a developed nation", Abdul (2011)
[...] How do you reconcile the anecdotal evidence with the theoretical ideas? Corruption is the abuse of public trust for private gain. This definition is rather universal and many argue that it is vague and that there is variety of corruption, one being corruption under economic sense. Corruption is an ancient phenomenon which is very hard to suspect and even harder to measure. According to Kangle (1972) noted in Bradham (1997): ‘'...it is impossible for a government servant not to eat up, at least, a bit of the king's revenue.'' Kangle suggests that presence of corruption due to our nature is rather inevitable. [...]
[...] Corruption may grease the wheals for the kick in the economic development but it is an unsustainable and damaging aspect of any country in long run. According to Hu Jintao (2009) the General Secretary of Communist Party of China: ‘'we have to recognize the significance of fighting corruption in maintaining fast economic growths and building a harmonious society.'' Bibliography 1. Abdul A. P. J. (2011). Corruption is a cancer engulfing India. Available: http://www.sify.com/news/corruption-is-a-cancer-engulfing- india-kalam-news-international-lceqkdabehe.html. Last accessed 11th Feb 2011 2. [...]
[...] Underdevelopment and the Economics of Corruption: A Game Theory Approach. World Development Vol. 10, No.8, pp. 677-687 8. McCool g. (2011). Siemens executives charged with bribery. Available: http://www.reuters.com/article/2011/12/13/us-siemens-argentina- idUSTRE7BC18J20111213. Last accessed 16th Feb 2012 9. N/A. (2009). Chinese president calls on party members, officials to avoid corruption. Available: http://www.youtube.com/watch?v=vpcLFESICgI. Last accessed 16th Feb 2012 10. N/A. (2011). Tanzania urged to take action over BAE bribery claim. Available: http://www.bbc.co.uk/news/uk-politics-15955824. Last accessed 16th Feb 2011 11. Mauro P. (1995). Corruption and Growth. [...]
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