Corruption is one of the leading reasons for the ongoing political and economic failures of many developing countries. Corruption impedes the development of markets, drives away investment, increases the costs of doing business, and undermines the rule of law. The need for an increased emphasis on fighting corruption is more evident today than ever before, as global corruption flows, according to World Bank estimates, have now surpassed $1 trillion annually.
The attitudes toward corruption are changing. The business community is no longer blaming corruption – and placing the burden of combating it – solely on government officials. The emerging consensus is that anti-corruption efforts should combine initiatives from the business community, the public sector, and civil society. More importantly, combating corruption requires more than grandiose statements and the removal of corrupt public officials. It requires concrete action to change the incentive systems that sustain bribery and extortion.
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