explain the negative impacts of corruption on society?
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Explanation:
Corruption can take many forms that vary in degree from the minor use of influence to institutionalized bribery. Transparency International’s definition of corruption is: “the abuse of entrusted power for private gain”. This can mean not only financial gain but also non-financial advantages
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Greed for capital. Wishes. Higher price rates and a financial monopolization. Small rates of accountability, poor political participation and limited consistency of government. Higher rate of waste and wasteful red tape.
Explanation:
- Corruption may take several forms that range in degree from underusing power to institutionalized corruption.
- Transparency International's concept of corruption is: "abuse of the authority entrusted to private advantage" It can imply both financial advantage and non-financial gains
- While corruption inflates market prices, it often distorts the field of investigation and practice, protecting companies from competition-related relations and thereby maintaining ineffective businesses. Corruption will directly impact the effective marginal tax rate for the company.
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