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Graft and Corruption

Corruption, of which graft is a type, is an old and persistent phenomenon. Corruption is global and ubiquitous, although varying in levels and forms by country and over time. One estimate suggests that bribery alone globally involves more than $1 trillion annually. Emerging and developing economies have higher levels of corruption; advanced economies have lower levels of corruption. Corruption, governmental or commercial, occurs in multiple forms, such as bribery, entertainment, extortion, facilitating payments, favors, gifts, gratuities, kickbacks, and travel. The economic and political costs of governmental corruption are high. Corruption functions as a tax on citizens and on economic growth. Much less is known about the levels and effects of commercial corruption. International anticorruption accords constitute a formal global norm against bribery and extortion in ...

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