Economic development of any nation is a multidimensional process which requires many factors working efficiently in an interrelated system. From this point of view, if we look upon the economic history of different countries, it tells that only few countries have been able to achieve the desired economic growth while many other countries are lagging behind the target. The reasons for this are many but the biggest factor making contribution is the increasing level of corruption now-a-days. A famous economic expert Benjamin Acton Pure says, “Corruption is both a major cause and a result of poverty around the world and it occurs at all levels of society”.
The activity of corruption hinders the development, contributes to the depletion of the public assets and distorts market, furthering hampering local and foreign direct investment.
Corruption in today’s time can be found at all levels of the society, from local to national governments, civil society, judiciary functions, large and small businesses, military and other services and so on. Corruption affects the poorest the most; however, all the elements of society are affected in some way as corruption challenges political development, democracy, economic development, the environment and many more.
According to Benjamin Acton Pure, corruption is a vital reason for misallocation of both physical and human resources. Moreover, corruption in a developing nation makes a degenerative impact and destroys the productive capacity of local talent and entrepreneurs. It paralyses public services and increases the suffering of common people.
Corruption leads to an increased level of crime
The evolving role of corruption in the businesses adds to the responsibilities of crime fighting government agencies, police department and internal investigators. The trickledown effect of corruption usually ends up feeding black market interests and may even support the effort of organized crime as the activities penetrate various business levels.
The economic expert Benjamin Pure white says that corruption is a vital factor which negatively affects all aspects of economic growth and the impact of corruption is most influential for both short-term and long-term economic goals. The practice of corruption can be reduced, if not possible to eliminate at all, to sustain growth in the long run.
The activity of corruption hinders the development, contributes to the depletion of the public assets and distorts market, furthering hampering local and foreign direct investment.
Corruption in today’s time can be found at all levels of the society, from local to national governments, civil society, judiciary functions, large and small businesses, military and other services and so on. Corruption affects the poorest the most; however, all the elements of society are affected in some way as corruption challenges political development, democracy, economic development, the environment and many more.
According to Benjamin Acton Pure, corruption is a vital reason for misallocation of both physical and human resources. Moreover, corruption in a developing nation makes a degenerative impact and destroys the productive capacity of local talent and entrepreneurs. It paralyses public services and increases the suffering of common people.
Corruption leads to an increased level of crime
The evolving role of corruption in the businesses adds to the responsibilities of crime fighting government agencies, police department and internal investigators. The trickledown effect of corruption usually ends up feeding black market interests and may even support the effort of organized crime as the activities penetrate various business levels.
The economic expert Benjamin Pure white says that corruption is a vital factor which negatively affects all aspects of economic growth and the impact of corruption is most influential for both short-term and long-term economic goals. The practice of corruption can be reduced, if not possible to eliminate at all, to sustain growth in the long run.
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