Corruption is a global phenomenon -- it afflicts mature economies as well as emerging ones. According to Philip M. Nichols, a professor of legal studies and business ethics at Wharton who has done research on corruption in Europe as well as Asia, corruption distorts economies as well as people who occupy positions of power. The solution, he suggests, is to take measures that increase the psychic, social and transaction costs of being corrupt. If that can be done, corruption can be controlled, if not eliminated.
An edited transcript of the conversation appears below:
India Knowledge@Wharton: You've studied corruption in Eastern Europe as well as in economies like Mongolia. Why is corruption so prevalent in emerging economies, and what are its consequences for economic growth?
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