The misuse of power to achieve personal gain is called Corruption. It can occur at every power level, from the streets to the highest peaks of a country’s government.
When the power-entitled people gain more due to Corruption, the general people and the country’s infrastructure suffer. The illegal, unrighteous money that corrupt people store is mass people’s possessions.
This money was supposed to be used to establish better healthcare facilities, better education, adequate law implements, and so on.
When Corruption occurs, people lose the ability to access better facilities in every sphere of their lives. This creates a financial imbalance, and thus, the economy is affected.
Eradicating Corruption at once is a difficult task. However, together, people, government and private sectors can apply practical strategies to lessen the amount of Corruption.
Let’s learn the strategies of governments to improve control of Corruption and stimulate economic development.
Major Types of Corruption
Different types of Corruption take place in our society. Some are visible, and some are invisible. Here are the significant types of Corruption a country can face.
Bribery
It is a form of valuables like money or any kind of gift. Bribery is often demanded by individuals in positions of authority. Or, sometimes, people themselves offer it to the authority in charge to influence actions.
Embezzlement
It occurs because of the individuals trusted with funds in different organizations. Any kind of fund theft or showing miscalculations is considered embezzlement.
Extortion
Generally, it is done by influential people to the less powerful or general people. When people want to get their work done by the authorities, they may intimidate, force, or threaten to participate in Corruption.
Nepotism and Patronage
It is shown by the people who possess powerful positions. Then, they favoritise their relatives for jobs and other positions by nepotism and patronage. It often does injustice to the deserving candidates.
Judicial Corruption
It is done by bribing the judge, interfering with court proceedings or manipulating legal outcomes. Because of it, many criminals are set free, and innocents are punished.
Understanding the Impact of Corruption on Economic Development
No exact means can measure the impact of Corruption on economic development. Maybe not in numbers, but we can see the effects in our society with our eyes.
Corruption increases the level of uncertainty in a society. That’s why investors become afraid to invest their money in business, thinking about the risk of losing money or unpredictable costs.
As a result, economic growth stalls due to not having enough businesses and jobs. It also disrupts the growth of projects not having enough funds for development.
Officials working for different development sectors, such as healthcare, education, and infrastructural projects, divert the resources and fill their pockets with money.
This creates starvation of the funds needed to complete those works correctly. Therefore, the projects stay half done or lack the required quality. Due to Corruption, the general public loses faith in the government. They prefer to stay with the problem but not seek help from the government for fear of Corruption.
It weakens the cooperation mindset and disconnects the social strength pillars. Eventually, it leads to several economic losses.
Strategies to tackle Corruption to save the economy
There are multiple ways to tackle corruption.
Buy smart
Consider not just price but also who it helps (women, small businesses) and how it hurts the environment. Some countries already do this, like Indonesia giving 40% of contracts to small businesses.
Use tech
Instead of mountains of paper, think of online shopping for governments. Accessible platforms for small businesses, precise spending data for everyone to see. It’s like a high-tech makeover for government buying, making it cleaner, fairer, and better for everyone.
Work together
Governments, citizens, and companies should all team up to make buying clean and fair. Some countries, like the Philippines, involve everyone in the process.
Citizen Empowerment
Citizens can take part in finding out the problems and propose solutions. This “ power of the people” stops Corruption by making things open and fair, like shining a light on every decision.
Institutional Investment
It is crucial to invest in people and rules within government institutions. Sustainable improvement comes when people working in these institutions support practical regulations and practices. Thus, Corruption will be reduced.
Law Enforcement By The Government
The government should enforce the law and punish people related to Corruption. Make the announcements nationally so that people who practice and think of practicing Corruption become alert and stop doing it for fear of punishment.
Conclusion
Corruption can harm trust, slow down progress, and limit economic growth. When governments, citizens, and businesses work together, they can create successful plans to solve this issue. By giving more power to citizens, supporting robust institutions, and ensuring that laws are followed, we can create a cleaner, fairer, and more prosperous future for everyone.
