Corruption in the Third World



Corruption in Third World Development

Introduction

Corruption is a complex social phenomenon, political and economic affects all countries. In different contexts, corruption undermines democratic institutions, slows economic development and contributes to political instability. The concept of corruption is wide. It includes bribery, fraud, misappropriation or other diversion of resources by a public official, but is not limited to this. Corruption can also occur in cases of nepotism, extortion, influence peddling, misuse of inside information for personal purposes and the purchase and sale of court decisions, among many other practices. Corruption destroys the foundations of democratic institutions by distorting electoral processes, undermining the rule of law and delegitimizing the bureaucracy. This causes the outside investors and discourages the creation and development of companies in the country, which cannot pay the "costs" of corruption (Karbo, 2006).

Discussion

Corruption constitutes to stop and block the development of third world countries. Corruption effects negatively on the development of the economies. Corruption can be caused by social, political and economic factors. Corruption refers to the abnormal behavior of politicians and public officials against their formal duties in public roles. They exploit their positions by behaving in favor of corruption. The rules are violated by them because of their private-regarding advantages.

To some extent, the corruption helps the economy; but in the long run the cost of corruption overcomes its benefits. The outcomes of corruption done are often uncertain and may be beneficial to some sectors for a limited number of times. The effect of corruption depends on the type of corruption and its extreme favorable conditions (Myint, 2000).

Many countries are poor because their elites do not behave reliably and responsibly. The sense of embezzlement is to pervert policy, i.e. to buy the wrong decisions. Projects will be selected keeping in mind how you can ...