In a short essay, identify the key elements of corruption and and how these may be classified.
What will be an ideal response?
Corruption is the conscious abuse of public roles and resources for the private benefit of a
firm or the individuals of the firm. Corruption can be broadly defined as the use of bribery, extortion, or embezzlement for the benefit of one’s own interests.
Bribery is giving a financial benefit in return for influencing the decision of a person in a
position of trust.
Extortion is the use of intimidation or power in return for a financial benefit.
Embezzlement is the taking of money illegally from a firm or other source.
In general, corruption can be classified into three major types: petty corruption, grand corruption, and influence peddling.
Petty corruption occurs when private individuals give illegal financial incentives to nonelected public officials in exchange for favorable dealings with certain government transactions. These transactions usually are related to taxes, low-level regulations, licensing, or some other low-level government issue.
Grand corruption occurs when illegal financial incentives are given to higher-ranked public
officials. These high-level decisions usually include major infrastructure contracts, the
purchasing of military equipment, or other major industry-based decisions.
Influence peddling occurs when illegal transactions take place along with legal transactions. An
example of influence peddling would be illegal political campaign contributions.
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What will be an ideal response?