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Corruption is dishonest behavior by those in positions of power, such as managers or government officials. Corruption can include giving or accepting bribes or inappropriate gifts, double-dealing, under-the-table transactions, manipulating elections, diverting funds, laundering money, and defrauding investors. One example of corruption in the world of finance would be an investment manager who is actually running a Ponzi scheme. There are many situations in which a person can be considered corrupt.
In the financial services industry, chartered financial analysts and other financial professionals are required to adhere to a code of ethics and avoid situations that could create a conflict of interest. Penalties for being found guilty of corruption include fines, imprisonment, and a damaged reputation. Engaging in corrupt behavior may have negative long-lasting effects for an organization. When corruption occurs within an organization, unflattering media coverage typically follows, which may result in customers losing trust in the company's business practices and products.
A comprehensive public relations campaign is often required to limit reputational damage and restore trust. This requires valuable resources, such as time and money, which may result in other critical areas of the organization being deprived.
As a result, inefficiencies that lead to financial losses can occur. Organizations that have been known to engage in corruption find business development difficult. Style: MLA. Kids Definition of corruption. Get Word of the Day daily email!
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Equally, as regards some business enterprises, it is a known fact that they do not keep any cash for bribes. They run less risk of falling victims to extortion. Test: Ask yourself whether it is an easy way out of a personal problem to claim that you are not corrupt but that others force you to give bribes, expatriates buying their licenses claiming that the authorities are corrupt! Many think that paying bribes is required to ensure smoother operation of society. They think that without an occasional gift for example, around Christmas and New Year , or incidentally a gift on the occasion of a marriage or when a child is born for instance upon entering into a contract for the supply of a product or a service, such contracts might be lost to them and might be assigned to others.
For their own enterprises that would then amount to a loss, implying loss of sales potential, which is not what any enterprise or entrepreneur works for. For entrepreneurs who want to secure sales, those gifts are a cost item which they account for in advance in their prices. As a consequence products and services cost unnecessarily more than is needed from a commercial point of view, for as a matter of fact these gifts have already been budgeted. If corruption is judged purely on the basis of business economics, macro-economically it costs money to society which should be considered as a loss.
From the micro-economic point of view, for the bribing entrepreneur, it is profitable. The payer of a bribe secures a desired transaction which — if evaluated on purely commercial grounds — strictly speaking, should have been assigned to someone else. That will harm individual entrepreneurs and transactions; it will harm the national economy and the world economy.
The fact is that, being influenced by payment of bribes, buyers the politicians, the public officials? Naturally, those additional payments will end up in the economy anyway and are, therefore, a burden from a macro-economic point of view, either for the taxpayer or for the consumer.
Test: did you ever refuse to pay a bribe, or would you if you had the potential to ask for a bribe, refuse to do so? Did you feel any consequences? The mere fact that both the payer and the recipient of bribes want to keep their behaviour secret and often succeed in doing so as well shows that such behaviour is generally considered to be improper.
Many consider corruption to be an ethical problem, a behavioural problem. Still there is also an ethical problem. Corruption is not only an economical phenomenon in any society or economy. It is not sufficient to call it an economical phenomenon; this ignores the more general importance of a corruption-free society for all aspects of life and for all population groups, poor and rich alike.
It also ignores that bribery takes always place within a certain social context. It is a structural problem in companies where the course of actions is not transparent, where the law is not observed, and observance is not monitored.
A striking aspect in recent developments in trade and industry and in society at large is the fact that ethics has become important to corporate behaviour again. Standards and values are seen as essential conditions and characteristics for the good quality of citizenship, entrepreneurship and governance. Apart from the economics and the financial outcomes of entrepreneurial decisions, socially and ecologically justifiable behavior is now also identified as being important.
Poor entrepreneurship in a moral sense should then be improved on a personal basis. Our focusing on the conditions and the implications of corrupt behaviour aims rather on the entire structure of society and economy, and on the conditions that exist within that structure to prevent and fight corrupt behaviour and safeguard integrity. Good entrepreneurship is judged with regard to its quality in all three aspects: People, Planet and Profit. Poverty in the world is often brought up to account for the phenomenon of corruption.
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Corrupt, dishonest, venal apply to a person, especially in public office, who acts on mercenary motives, without regard to honor, right, or justice. A corrupt politician is one originally honest who has succumbed to temptation and begun questionable practices. A dishonest politician is one lacking native integrity. A venal politician is one so totally debased as to sell patronage.
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