HOW CORRUPTION DOES PREVENT ECONOMIC GROWTH OF A COUNTRY?

HOW CORRUPTION DOES PREVENT ECONOMIC GROWTH OF A COUNTRY?

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Introduction:

To begin with, people who live in the world are very selfish and self-centered as well. Needless to say, do for their future. Encouraging this practice makes a man perfect while they are being corrupted though they act like a gentleman to get honor from society. However, from my point of view, it should not be welcomed with open arms.

The word corruption is derived from the Latin word “corrupts,” which means “corrupted” and, in legal terms, the abuse of a trusted position in one of the branches of power (executive, legislative and judicial) or in political or other organizations to obtain material benefit which is not legally justified for itself or others.

According to me, “corruption is the misuse of public power (by elected politician or appointed civil servant) for private gain. Due to ensure that not only public corruption but also private corruption between individuals and businesses could be covered by the same simple definition:

Corruption is the abuse of power to gain something special or misuse of entrusted power (by heritage, education, marriage, election, appointment or whatever else) for private gain that is not legal at all.

Preventing economic growth of a country while populations involved with it.

There is a lot of mosques, temples, churches or pagoda where people used to go just to get something for their own instead of purifying the mind, however, they learn nothing at the end of their prayer since we love to learn from our culture instead of holy places that is why we cannot keep the morality in our heart.

We are accustomed to laughing when our friends feel pain or fall in danger as we are corrupted and this is, above all, the simple symptoms of corruption as the scenario is everywhere. 

Corruption is considered a strong constraint on growth and development. This article, however, finds different effects of corruption on economic performance.

In my eye, corruption helps to overcome cumbersome bureaucratic constraints, inefficient provision of public services, and rigid laws especially when countries’ institutions are weak and functions poorly.

On the other hand, improvements in the corruption environment are mostly associated with better fiscal performance (decreases in the deficit as well as debt).

In this way/thus, corruption prevents the economic growth of a country (in both ways).

Discussing a real country scenario where corruption prevents the economic growth of a country.

A group of intellectuals/mentors opine that corruption can have a positive impact on growth in an environment that is characterized by pervasive and cumbersome over-regulation and red tape (weak governance), view that bureaucratic corruption (as a second-best solution can actually lessen the burden of excessive regulation and hence have positive implications on growth. In other words, in a framework of imperfect competition where several market failures prevail due to weak governance measures, corruption can induce a positive change by distorting the distorted market, hence bringing allocation and dynamic efficiencies. This argument has been severely criticized in this article arguing that it does not have theoretical foundations and that “greasing the wheels” by “speed money” is a wrong argument as it enhances the discretion of corrupt politicians and senior government officials.

A recent Gallup poll showed that from 2006 to 2013, the percentage of Americans who believe “corruption is widespread throughout the government” has increased from 59% to 79%, while a separate poll showed that majorities in 108 of 129 countries agree.

Conclusion.

Corruption is a great problem not only to a person or family but also to the society that I believe in since childhood. In a nutshell, it is one of the most fatal curses (like Corona Virus) that have fallen on today’s youth and attacked and decayed the person mentally.

Nayeem Zaki

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