what is corruption
Corruption is anything that undermine the social-economic development of a nation. It take many form, from our daily dubious activities to organizations, institutions and governmental unethical practices. Corruption effects threatens the sustainable economic development, ethical values, growth and justice in any society. It’s destabilised the society and endangers the rule of law and good governance. Corruption undermines the institutions and values of our democracy. Because public resources are meant to be of beneficiary to poor people. It’s therefore, the poor citizens who suffer the harmful effects of corruption most. Many research around the world show how corruption can hinder investment, restrict foreign investments, reduce economic growth and social empowerment.
Five Corruption Effects on the Society
It hinders our constitutional rights
Corruption effects is well pronounce on the poor citizens. Many acts of corruption deprive the citizens of their constitutional and their human rights benefits. Because the leaders squander the resources and little left is not enough to go around. Corruption delays infrastructure development and layers of additional costs are all effects of corruption in any nation.
Restriction of social development
Many citizens are dependent on government, they dependent on the government for housing, healthcare, education, security, roads and welfare. corruption effects has larger effect on the low income earners. The poor are most vulnerable to corruption implication, it hinder service delivery and social development. Corruption effects has a serious implication on social security and development because the resources meant for the citizens are channel into other illegitimate things.
Economic Implications of Corruption Effects
Corruption effects has damaging impact on nation reputation and it creates obstacles for local and foreign investment. Corruption affect economic growth and has ultimately distorted development and social status of the people. A nation that has high rate of corruption are mostly underdeveloped because of the level of carelessness. Many investors don’t want to invest or trade with any nation known for high rate of corruption.
Corruption effects creates avenue for distortions and redirects money allocated to for social-economic development into frivolous activities. It is usually the poor who suffer most from Income inequality, uneventful distribution of wealth. Most countries experiencing high levels of corruption and bad management practices which led poverty. It eat into the nation’s wealth, channelling money away from projects into their personal pocket.
Uneven distribution of wealth
Corruption effects has a large impact on public money and projects. Taxes collected, income from government investments and other means of financing government expenditure are meant for social infrastructure such as education, hospitals, roads, electricity and water and to ensure the personal security of our citizens and advancement. Corruption effects make has alot of impact on inequality.