Corruption Essay

452 Words2 Pages
Corruption The Fortune Magazine article by Geoff Calvin tells us about the problems that newly developing economies are having in regards to corruption. Yet most media sources do not tell us of these instances. They focus more on the tractable issues such as inflation and the exchange rates. The reason is that corruption is a problem they would rather not have to acknowledge. However, the problem is extremely bad. The following example though extreme as is sounds is a reality to many. In Russia, a lawyer who accused the police of being corrupt actually died while in police custody. Then there are also many countries with extreme monetary corruption. Such as China, India and Russia to name a few.. The corruption comes in many forms. Anywhere from people and companies being scammed, having accounts siphoned, books being skimmed, even fraudulent companies and projects in where the amounts of loss reach into the billions. We must not forget bribery. Due to those corrupt events many developing countries become discouraged and therefore do not have high investments which it needed for economic progress. This brings about resentment because as the rich get richer, those in need remain stagnant. There the gap between regular citizens and tolerated crooked becomes wider. Social effects then become subtle and agreeably worse. It is believed that people shrug at corruption because they figure that it’s not curable. Therefore, the respect of authority figures dissolves.. The strength of property rights dictates how well a society will do on corruption. Corruption is detrimental to society and business. Also it can hurt economic development, distort public policy and even damage the integrity of a nation. The best example I can give about corruption would be about Enron and how they overstated their earnings. Which in turn made there stocks become

More about Corruption Essay

Open Document