Corruption Implications

Corruption has many political, economic, and social implications.

In thepoliticalsphere, corruption impedes democracy and the rule of law. Corruption may also result in reducing the interest of the public in political participation.

Theeconomicoutcome of corruption is a reduction of national wealth. Corruption is responsible for increased costs of goods and services and the funneling of public resources to rent-seeking activities.

In thesocial sphere, corruption leads to frustration and general apathy among the public resulting in a weak civil society. Corrupt practices also result insocial inequality and a widened gap between the rich and poor, increasing poverty.

More sources on corruption and Economic Development:

• Library Economics.
• World Bank,The Economics and Social Consequences of Corruption in Transition Countries.
• Three Myths About Corruption | World Bank Group

Question: Discuss how corruption slows down economic growth.