Consequences of Corruption on Economy, Politics, and Society

Abstract

Corruption, defined as ‘the abuse and misuse of public office for private gain,' has been a part of human societies since ancient times. Fraud, embezzlement, theft, black money, kickbacks, and bid rigging in the form of providing poorly delivered goods and services with the bad intention of making money by hook or by crook, are all features of corruption. Corruption under the garb of many tricks has existed for ages. History is evidence of the fact that it had extended its hands at different times at different places, with varying degrees of damaging consequences. Against the above backdrop, the objective of this chapter is to find out the levels of corruption and its impact on the economy, politics, and society with special reference to India. The main objective of this study is to examine the status of corruption in the world and its impact on business and various sectors of the economy and society as well. The study endeavors to suggest strategic policy implications for India and other countries engrossed in corruption.