risky due to the unpredictability of the political and economic conditions. A second problem that may hinder economic growth is the rapid expansion of a population, which is usually accompanied by a high unemployment rate. The Asian Miracle and Corruption The Asian Miracle raises questions for the modern view that corruption is inimical to development. Contrary to economists who argue the benefits of entrepreneurial corruption, Murphy suggests that, "rent seeking activities, particularly public rent-seeking by government officials, is likely to hurt innovative activities" 12 He notes that in order to start a new enterprise, innovators often require government documentation and. Finally, in contrast to the 'rule based capitalism' prevalent in developed Western countries, Sing suggests the most suitable label for East Asian economies is 'relation-based capitalism a system characterised by personal and implicit agreements and governed by second-party enforcement - based on a mutual trust. 11 Corruption misallocates potentially beneficial talent to corrupt activities and distorts investment priorities. However, Mauro has demonstrated through empirical evidence that high levels of corruption are associated with lower levels of investment and GDP.
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Economic development of all countries of the world. Economic development depends on number of factors. Reference Copied to Clipboard. Video: Discover UK Essays!
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Leff also suggests that governments may have other priorities rather than the pursuit of economic development such as the consolidation of armed forces. Additionally, a percentage of returns on the new enterprise may be claimed. Leff also suggests that corruption may increase investment by reducing the risk that a fickle government may, in the future, intervene harmfully in an innovator's project. The third Todaros objective of the economic development is that when a person start getting all the required things for his successful living he starts having more economic and social choices, reduces his fear of the unknown future. This means that we should try to enhance our tourism industry as best as possible and in an attempt to do this we must perpetuate the natural beauty of the land. But is the pursuit of an anti-corruption agenda really conducive to development? The investigation will rely on secondary evidence from journal articles and evidence from the internet. What is Economic Development. In order for us to understand the stages of a developing country, we must first learn what economic growth. The presence of corruption has unambiguous implications for economic growth, if not apparent in the short-term, for longer-term sustainability. In order to prove the validity of my hypothesis I intend to investigate the economic development of South East Asia to ascertain whether or not an explanation can be given for concurrent high levels of corruption and development. Powers to confiscate corrupt assets and extensive legislation to combat corruption enabled these countries to consolidate the legitimacy of their economic growth.
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