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Impact of Corruption of Economic Growth Responses
Answer 1
Economic Development of a country is directly or indirectly related to several factors and one of the strongest constraints is corruption. Corruption has different effects on economic development. The performance of the market’s economy is based on the different types of corruption within and outside the country. Many market people consider corruption a grease on the wheels which means once the corruption is started at a point it keeps on expanding in different departments of the economy (Huang, 2016). The economic development decides whether a country is developing or developed country.
Impact of Corruption of Economic Growth Responses
Bribery is one type of corruption where individuals bribe another individual for the benefits of work being done which directly affects economic development. Bribery corruption leads to a decrease in real sales, labor wages, labor productivity in industrial firms. The performance of the company and the laborers are also affected by such kind of corruption. If the bribery dispersion rate is high, then the sales and labor productivity of the firm is most affected. The country’s economy comes from industrial firms and they are the main reason for a country’s economic development. Therefore, the individuals who work in the public and private firms, they need to be ethical following all rules and regulations of the organization.
The corruption also leads to an increase in the price of the products, an increase in taxes on imports and exports and results in low quality of the product. The market economy is like chain effect and has significant impact on the price and quality. Another kind of corruption is making the prices higher which are also illegal costs and leads to corrupt transactions (Song, Chang & Gong, 2020).
References:
Huang, C. J. (2016). Is corruption bad for economic growth? Evidence from Asia-Pacific countries. The North American Journal of Economics and Finance, 35, 247-256.
Song, C. Q., Chang, C. P., & Gong, Q. (2020). Economic growth, corruption, and financial development: Global evidence. Economic Modelling.
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Answer 2
If corruption levels are high in any economy then it is definitely highly afflicted by it. This means in such an economy often it is witnessed that power is misused in context to money or authority for achieving specific targets or goals using unfair, dishonest or illegitimate methods. These ways followed cannot help an economy prosper completely since corruption brings development down. Corrupted nations and economies can never function in an effective manner. This is because it often comes in between natural legal norms and regulations (Jimenez & Pulos, 2016). Political as well as economic activities and operations are obstructed and are corrupted which ultimately makes the society suffer.
Correlation between the amount of corruption in a country and economic development
It is difficult for any nation to erase corruption completely. It is observed that countries that have emerging economies in the market have high corruption levels than what is found in developed nations. Here is the co-relation between them listed below:
So, in a nutshell, it can be said that if countries engaged in corruption then they cannot see economic development fast.
References
Jimenez, G., & Pulos, E. (2016). Good Corporation, Bad Corporation (2nd ed., p. 235). USA: Open Suny Textbooks.
Ondo, A. (2017). Corruption and Economic Growth: The Case of EMCCA. Theoretical Economics Letters, 07(05), 1292-1305. doi: 10.4236/tel.2017.75088
Mauro, P. (2017). Corruption and Growth. The Quarterly Journal Of Economics, 110(3), 681-712. doi: 10.2307/2946696
Impact of Corruption of Economic Growth Responses
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Impact of Corruption of Economic Growth Responses |
Impact of Corruption of Economic Growth Responses