Corruption has a wide range of definitions. Corruption is the act of using public resources for private profit. In the modern world, every economy is facing this problem. At a core level, corruption is the act of doing something which is inappropriate to do in any arena. Corruption has mainly negative impacts on the economy. People use illegal ways to make their businesses work. Many economies are taking appropriate action against it but the grass root causes are difficult to be found.
CORRUPTION AND ECONOMY
Basically, corrupt people are considered to be the ones who care about their personal benefits. In economic terms, corruption is used to earn wealth through the ways which are illegal and immoral as well. The relationship between economy and corruption can be discussed with several numbers of examples. Businessmen who bribe the political officials to settle their businesses in the market is a form of corruption. Similarly, nepotism is another form of corruption when laws are made by government officials in the interest of their relatives or friends instead of the whole nation. Things are so much interconnected.
Corruption of any form and at any level results in negative consequences such as poverty, unemployment, injustice, etc. It has become important for economies all around the world to solve the problem of corruption because it has the power of weakening the economies from its roots.