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What role does corruption play in the political economy of developing countries?

Claud Tapley

From my view as a social media user, corruption plays a great role in the political economy of developing countries. Developing countries often suffer from weak institutions, low governance, poverty, and exclusion, and corruption further compounds these challenges. Corruption not only exacerbates poverty, but also hinders economic growth, negatively affects investment, and weakens the capacity of the state to provide essential services to citizens.

The basic function of public institutions is to provide essential services to the people, enhance social and economic opportunity in the community; promote transparency, protect the vulnerable and weak segments of the society, and ensure that the rule of law is followed. However, corruption is a massive challenge that’s hampering progress in developing countries, where significant resources meant to improve the welfare of people are stolen by a few individuals, leading to mismanagement of public resources.

Developing countries struggle with many aspects of economic development, including lack of infrastructure, more than usual reliance on primary exports, limited foreign investment, ineffective institutions, and inadequate governance. Corruption further compounds these challenges, impacting the viability of the economy in developing countries.

Corruption destroys the social and economic fabric of society, instilling a sense of hopelessness among the poor and vulnerable. Corruption undermines the integrity of institutions, giving opportunities to greedy individuals to loot resources meant for everyone, leading to societal inequality.

The prevalence of corruption in developing countries has been documented in several studies, with the perception of corruption higher in low and middle-income countries. Corruption prolongs poverty because it favors the rich while robbing the poor of opportunities for upward mobility.

In conclusion, corruption impairs the chances of developing countries to reach their economic potential and address poverty. It is, therefore, vital for governments to step up their efforts to fight corruption and ensure transparency in public institutions. A sound governing system protects the vulnerable while promoting essential services to the people. It is in the interest of all to combat corruption and promote a fair and just society.