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Monday, May 2, 2011

Corruption: A Catalyst to Socio-Economic Instability


Corruption: A Catalyst to Socio-Economic Instability
(Why Corruption Menace Can Hinder Bad Governance)
There are many indicators with to access or measure corruption.  One of them is the affluent habit of the public official compared to his / her declared income. Corruption occurs when a public official expect to be induced to perform an act which that public official or ordinarily by law.
Corruption can slow down development. One of the most widely discussed consequences of corruption is the distortion of government expenditure. This often results in public money being wasted on white elephant projects, rather than people oriented services such as health and education. As a result of this, more opportunities are presented for corrupt use or diversion of funds. Raising the ethical standards of governance can lead to money benefits especially for the economic, political and social development of a country.
Fighting corruption and promoting good governance is therefore crucial to developing environments that facilitates the social, political and economic development of the people. However, while there are general comments made about the effect of corruption on poverty and development, there is not an explicit recognition that corruption is more than just wealth misappropriation or abuse of power. Corruption impoverishes countries and deprives their citizens of good governance. It destabilizes economic systems. When organized crime and other illegal activities flourish, basic public functions are eroded and the quality of lives of the people is reduced.

Bribery for example, is universally regarded as a crime but it also affects socio-economic problems that require broad based preventive measures and the involvement of the society at large.
Another implication of global measures against corruption is making government work better by improving the economy.
Finally, redesigning our political and regulatory structures will reduce corruption and anti-system players that encourage corrupt practices.
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I wish you best of luck.


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