Corruption
according to Transparency International is the abuse of entrusted power for
private gain. Corruption can be classified as grand, petty and political,
depending on the amounts of money lost and the sector where it occurs. It is a
wrongdoing on the part of an authority or powerful party through means that are
illegitimate, immoral, or incompatible with ethical standards (corruption, n.d.) . Corruption often
results from patronage and is colligated with bribery.
Corruption
has many costs, some more severe than others, such as loss of lives. The cost
of corruption can be categorized into political, economic, environmental and
social costs. In economic terms, corruption exhausts national wealth. Corrupt
politicians invest limited and scarce resources in projects that they will
benefit from rather than those that benefit the communities.
As
such, they tend to prioritize high-profile projects like pipelines and
refineries over less striking but more pressing infrastructure projects like
roads, hospitals and schools. Corruption distorts competition and obstructs the
development of fair market structures which in turn discourages investment.
Corruption is said to have a multiplier effect.
Precious,
rare and in some cases unrenewable natural resources are heedlessly exploited
and entire ecological systems ravaged as a result of the non-enforcement or
lack of environmental legislation and regulations. Mining, logging and carbon
offsets[i]
are the sectors which receive the most bribe in exchange for unrestricted
destruction.
Corruption
is an acid which corrodes the social fabric of undermining people’s trust in
the political system, its institutions, operations, relations and society by in
its leadership. When the population gets apathetic and distrustful, the combat
against corruption gets even more challenging.
[i] According to carbonneutral.com, carbon offsetting is the use
of carbon credits to enable businesses to compensate for their emissions, meet
their carbon reduction goals and support the move to a low carbon economy.
Works Cited
corruption. (n.d.).
Retrieved January 26, 2016, from businessdictionary.com:
http://www.businessdictionary.com/definition/corruption.html
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