Corruption (Economics)

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  • The abuse of power to satisfy individual or parochial group interest. The corrupt individual is, therefore, an official or fiduciary who uses his status unlawfully to procure benefits for himself or others to the detriment of society.

    Corruption may be systemic and analogous to organized crime. Systemic corruption occurs when the segments of a government that are supposed to prevent corruption by way of inspection, evaluation, enforcement, budgeting, and auditing are in fact highly corrupted. In such situations, there is usually a conspiracy of principals and agents to be corrupt.

    Corruption is a major concern for international businesses because of the harmful effects it has on investment and economic growth, and many countries have at least made the symbolic gesture of signing treaties to prevent corruption. ...

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