How would you explain the correlation between the amount ofcorruption in a country and economic development?
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Correlation between the amount of corruption in a country and economic development
Corruption is defined as an abuse of trust. This is interesting in an individual or any citizen in a country. The correction can consist of different meanings and they were classified into pretty, political, grand pending on the amount of money and also the industry in which it occurs. Economic development can be reflected by economic and social groups. Economic development mostly involves the creation of a conditioned environment and the removal of obstacles. By going through this paper the correlation difference between the amount of corruption in the country and economic development can be outdated. One can find an amount of corruption that has been reduced in economic performance. There is an increased amount of corruption where it increases rent-seeking. This process may increases uncertainty and many costs regarding the transaction cost. This may affect economic development. Corruption mainly increases the missing location images of available resources and it could boost economic growth. Corruption may be facilitated the inefficiency which can be anchored in the investment and that could affect economic growth and economic development. Whenever an individual find a higher amount of Bureaucratic corruption occur in a country and at the same time the economic development can be also done facilitated. Bureaucratic corruption mainly increases the unofficial payments regarding the public officials by ensuring the activities to be done. Here the process affects the sales and Labor productivity growth. The firms increase and facilitate the economic growth of the country there are many larger amounts of corruption and it could affect economic development as it is required that the highest prices. The corruption mainly results in award individual tenders who supply poor.
Written by Anna Kochanova, S. R. (n.d.). How does corruption affect economic growth? Retrieved from https://www.weforum.org/agenda/2015/05/how-does-corruption-affect-economic-growth/
umah, . (2018, February 21). Corruption, Causes, and Consequences. Retrieved from https://www.intechopen.com/books/trade-and-global-market/corruption-causes-and-consequences
What is corruption? (n.d.). Retrieved from https://www.transparency.org/en/what-is-corruption
Countries with a high-level corruption tend to have a slow economic development compared to countries that have a lower corruption level. Such countries cannot prosper economically, and this leads to uneven health distribution which affects the society as well. There are lots of issues involved with corruption such as large corporations getting the government contract and prospering compared to the small ones (Akkoyunlu & Ramella, 2020). There is an inadequate allocation of resources to individuals who are in need whereas the rich prosper and the poor individuals stay poor. Not just the economy gets affected, it has negative impacts on healthcare, education, and affects the countrys standard of living.
There are lots of problems in countries which have a high level of corruption, studies have shown that countries with high corruption level have an average income compared to countries with a low level of corruption. Though it is not completely possible to remove corruption in any country, studies have shown that level of corruption is high in developing countries compared to the developed ones. Corruption impacts the distribution of wealth wherein the small companies dont have any connection with the government officials or cannot afford the bribes in order to get any contracts. It also impacts the education sector wherein individuals need to bribe in order to get decent admission which increases its cost and even individuals are not recognized for their contribution due to their connections (Audi & Ali, 2019). Corruption even impacts healthcare costs as obtaining the medical equipment becomes difficult and the quality of treatment provided is substandard. The market services are affected wherein corrupt officials demand money to move things forward or finalize any contract. The funds for economic development are not properly allocated which affects the development and results in economic incompetence.
The amount of corruption impacts their growth and results in various sectors getting affected. Society gets affected economically and it hinders the growth of each sector. If corruption is controlled, countries can grow at a steady rate, but if it is not controlled the growth is stagnant and negatively affects everyone. The government needs to plan and provide remediation accordingly in order for the economy to progress smoothly.
Akkoyunlu, S., & Ramella, A. D. (2020). Corruption and economic development. Journal of economic development, 45(2), 6394.
Audi, M., & Ali, A. (2019). Exploring the linkage between corruption and economic development in the case of selected developing and developed Nations. International journal of economics and financial issues, 9(4), 3749.
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