Curbing corruption is crucial to ensure economic development
Corruption is a source of many evils which ruin the economic development
Almost every institution is replete with the curse of corruption and exploitation.
The abuse of public office for private gains, serves as a backdrop of the discussion. Whenever a public office is abused, a public function or objective is set aside and compromised. Only if a public function is unproductive could it be that policy goals were not harmed by corruption. Nevertheless, the proposition that bribery can grease the machinery of commerce is often heard, and hence deserves a careful look at the evidence. And the evidence clearly rejects this hypothesis.
While culture plays a role in determining what is considered a bribe versus a gift, the culture induced difference seems small. There is no evidence to support the notion that corruption in Asia, East Asia included, has smaller negative consequences.
Corruption could be a symptom of many ills of a society. Hence, the fight against corruption has to be multi-fronted. While laws and law enforcement are indispensable, countries serious about fighting corruption should also pay attention to reforming the role of government in the economy, particularly those areas that give officials discretionary power which are hot beds for corruption.
Recruiting and promoting civil servants on a merit basis, and paying them a salary competitive to private sector alternatives help to attract high quality, moral civil servants. International pressure on corrupt countries, including criminalizing bribing foreign officials by multinational firms, is useful. But the success of any anti-corruption campaign ultimately depends on the reform of domestic institutions in currently poor countries.
Curbing corruption is crucial to ensure economic development. Corruption is a source of many evils which ruin economic development. Additionally, corruption is a major barrier to the attainment of economic prosperity. The economy is losing ground by leaps and bounds only because of unchecked corruption. Almost every institution is replete with the curse and exploitation finds of the countries. Resultantly, the economy has not been improving despite the myriad of projects and plans.
IBA University, Sukkur Sindh