Effects Of Corruption In The World

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Corruption is a universal curse around the world and all nations suffer to some degree from the devastating effects of corruption. Corruption impedes economic development by creating inefficiencies that significantly reduce a country’s welfare. There are various definitions regarding corruption ,the most frequently used by social scientist is Nye’s, that corruption is: “…behavior which deviates from the normal duties of a public role because of private-regarding (family, close private clique), financial or status gains; or violates rules against the exercise of certain types of private-regarding influence. This includes such behavior as bribery, nepotism patronage, fraud, embezzlement.” The Oxford Advanced Learner’s Dictionary, (2000) define the Corruption as: (a) dishonest or illegal behavior, especially of people in authority (b) the act or effect of making somebody change from moral to immoral standards of behavior. According to this definition, the corruption includes three important elements, morality, behavior, and authority [Seldadyo and Haan, 2006]. According to World Bank, corruption is “the single greatest obstacle to economic and social development. It undermines development by distorting the role of law and weakening the institutional foundation on which economic growth depends.” Corruption is one of the greatest challenges of the contemporary world. It undermines good government, fundamentally distorts public policy, leads to the misallocation of resources,
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