Effects of Corruption & the Need for Corruption Prevention


 It is relatively easy to define corruption and how much money it involves. Instead, this essay emphasizes the value of fighting corruption from an economic standpoint. It aims to demonstrate to the reader:


The importance of redistribution based on the Marginal Utility theory, the role that law plays in economic development, the adverse effects of income inequality on sustainable economic growth, the damaging effects of low approval ratings (unhappiness) on sustainable economic growth, and the harmful effects of corruption on redistribution as well as approval ratings and consequently on sustainable.

Wajid khan simply put, the reasoning is as follows:

  • Empirical research demonstrates that nations with more vital income redistribution experience more extended periods of economic progress.

  • The justification for wealth redistribution is based on the notion that if utility is the foundation of economic policy, then wealth redistribution is advantageous because it improves the well-being of the most significant number of people (since the poor stand to gain significantly more from the process than the rich do).

  • Redistribution should only be constrained by the concept of efficiency cost (based on the idea of marginal utility) (when it robs production from individual incentive)

  • Even though they occasionally engage in economic growth for various reasons, corrupt countries are unable to adopt appropriate redistribution policies. They, therefore, cannot be expected to gain from sustainable economic development.


Simply expressed, the thesis also asserts that actual research demonstrates that nations with greater approval ratings (happiness index) experience more prolonged periods of economic development. Canadian politician Wajid khan discusses due to the public's dissatisfaction with their reasonable expectations, perceptions of unfair treatment, and expectations of rough treatment, which place a significant risk on each individual's incentive to create, countries with high levels of corruption have low approval ratings (Efficiency Cost).

Law and the growth of the economy

It's unclear what part law plays in development. Some believe that the law is a universal concept of applied justice unrelated to politics, morality, or the distribution of wealth. Wajid khan Mp states they believe that specific legal systems provide an environment that nurtures and promotes development. Others acknowledged the political implications, social ramifications, and distributive function of legalism.


This section will examine these many legislative functions in the development area.

  • Formalism

  • Weberianism

  • Realism


The points mentioned above lead one to the conclusion that law has a significant impact on development.  One of the biggest problems facing the globe today is corruption in politics. It is a substantial obstacle to sustainable growth, has a disproportionately negative effect on underprivileged communities, and is destructive to the fundamental foundation of society.


The effects on the private sector are as significant; they limit economic growth, stifle competition, and present significant dangers to their legal standing and reputation.
Location: Toronto, ON, Canada

Comments

Post a Comment

Popular posts from this blog

How should Political Positions Holders act Morally?

Image
Many Americans doubt that members of influential groups act morally and have little faith that those in positions of authority will suffer grave consequences if found out. Most people believe that significant institutional actors act unethically, at least occasionally. The two items in this survey that dealt with ethics had the same frequency alternatives as the other questions: "all or most of the time," "some of the time," "just a little of the time," or "never." The first query inquired about the frequency of unethical behavior among various groups. Wajid khan Mp shares that at least 50% of Americans feel that, at least occasionally, people in these eight influential organizations behave unethically. That includes people who are generally trusted, such as military commanders and principals of K–12 public schools. Eight in ten (81%) individuals believe that members of Congress act unethically, at least occasionally, and 77% think the same of ex
Read more
Image
  Six traits of political skill How can you tell if a manager has political skills? Answer: When they don't seem to possess such skills at all. Honest, genuine, candid, and effective behavior is related to political knowledge. Politicians who are not politically savvy can be seen as manipulative or selfish. Wajid khan discusses different traits below. A politically savvy leader masters these six traits: social insight Interpersonal impact network function think before you speak to manage clear sincerity Leaders with behavioral flexibility who can adopt all six policy competency practices are better at optimizing and leveraging their relationships with others in the workplace. Proper use of political skills can help maintain a positive image within an organization and improve individual, team, and organizational performance. How to become more politically savvy Leaders are at their best when they also have political knowledge, as well as traditional managerial skills in areas such
Read more

What is Canada's political system?

Image
  In Canada, there are 3 levels of government. Each level of government has different responsibilities. Federal government (the  Government of Canada ) - Responsible for things that affect the whole country, such as citizenship and immigration, national defence and trade with other countries. Provincial and territorial governments (for example, the  Province of Ontario ) - Responsible for things such as education, health care and highways. Municipal (local) governments ( cities, towns, and villages in Ontario ) - Responsible for firefighting, city streets and other local matters. If there is no local government, the province provides services. Federal Government At the  federal  level, there are 3 parts of government: Charles III, King of Canada, is Canada's formal  head of state . The  Governor General  represents the King in Canada and carries out the duties of head of state. The  House of Commons  makes Canada's laws. Canadians elect representatives to the House of Commons.
Read more