A Theory of Corruption

There is no greater scourge that affects the proper functioning of any economic system than corruption. Tragically, corruption is pervasive in developing nations. It is found often on the part of public officials who delay the issuance or processing of public documents unless a monetary inducement is offered. It is found in the typical mismanagement and appropriation of national budgets toward the personal gain of political leaders. And it is found in ordinary individual transactions in the...