Why is bribery or corruption bad?
According to the UN http://www.un.org/events/10thcongress/2088b.htm In one World Bank survey, more than 150 high-ranking public officials and top citizens from over 60 developing nations ranked corruption as the biggest impediment to economic development and growth in their countries. Corrupt practices drain government coffers, plays havoc with free trade and scares away investors. The World Bank estimates that corruption can reduce a country’s growth rate by 0.5 to 1.0 percentage points per year. IMF research has shown that investment in corrupt countries is almost 5 per cent less than in countries that are relatively corruption-free. Standard and Poor’s, the bond rating agency, gives investors a 50 to 100 per cent chance of losing their entire investments within five years in countries with various degrees of corruption. Such odds make long-term investment which is of most benefit to a country risky and unlikely. “It is widely acknowledged that corruption scares away foreign investme
