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Question

What do you understand by corruption? In daily life where and when have you experienced corruption?


Solution

Corruption may be defined as the abuse of entrusted power for private gain. Transparency International uses this definition. It captures three elements of corruption:

  1. Public and private sectors
    Corruption occurs in both the public and private sectors. This includes media and civil society actors. Actors can be individuals, companies, or organisations such as a political parties.
  2. Abuse of power
    Corruption involves abusing power held in a state institution or a private organisation.
  3. Benefit
    Both sides involved in the corrupt act benefit, either in terms of money or undue advantage.

Corruption is dishonest behavior by those in positions of power, such as managers or government officials. Corruption can include giving or accepting bribes or inappropriate gifts, double-dealing, under-the-table transactions, manipulating elections, diverting funds, laundering money and defrauding investors.

Economics

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