Corruption runs against the grain of meritocratic capitalism. It skews the level playing-field; it imposes onerous and unpredictable transaction costs; it guarantees extra returns where none should ha… Corruption runs against the grain of meritocratic capitalism. It skews the level playing-field; it imposes onerous and unpredictable transaction costs; it guarantees extra returns where none should have been had; it encourages the misallocation of economic resources; and it subverts the proper functioning of institutions. It is, in other words, without a single redeeming feature, a scourge. Strangely, this is not how it is perceived by its perpetrators: both the givers and the recipients. They believe that corruption helps facilitate the flow and exchange of goods and services in hopelessly clogged and dysfunctional systems and markets (corruption and the informal economy “get things done” and “keep people employed”); that it serves as an organizing principle where chaos reins and institutions are in their early formative stages; that it supplements income and thus helps the state employ qualified and skilled personnel; and that it preserves peace and harmony by financing networks of cronyism, nepotism, and patronage. I. The Facts In 2002, just days before a much-awaited donor conference, the influential International Crisis Group… Read full this story
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