Question:
What is Corruption, and why can Corruption be so damaging for Economic Development?
Author: eric_galvaoAnswer:
-Corruption happens when Power is Abused for Personal Gain -A nation's Resources often will be Diverted Away from the most Productive Use, making Governments and Firms less Efficient -It can be much worse though, for example. If the Police expect to be paid the same Bride by people whether they've Broken the Law or not, then what's the point of Acting Honestly? The Law System and Government comes Crashing Down -Even an Unstable Bureaucracy can make it hard for Development - A Broken Tax office would be Damaging for Collecting Tax
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