The wrong people and organizations are able to get ahead and stay ahead with their corrupt business practices. It threatens every nation’s economy and hinders the possible growth. Globalization is a great opportunity for every country to expand their markets and profits and in turn their country’s economies. Corruption cuts globalization off at the knees by ensuring only select corrupt companies are successful. Corruption reduces the amount of Investment dollars a country receives and their export trades.
Countries are now Individually and collectively waking up and realize the harm that corruption poses to their economies and are now fighting against it. Corruption became the only way to do business in many countries. If they anted to compete they had to set their ethics aside for their survival. It was a domino effect where if it was done once it was accepted as a normal business practice. Once It became known how severely this problem was affecting their economies they changed their regulations.
Government regulations and acts are now changing to fight this disease. A great example of this is the German governments like many others are now prosecuting inappropriate payments made domestically and bribery payments are no longer tax deductible. The creation of many anti- corruption agencies have emerged and procedures for reporting such practices are coming easier and better known. Corruption is not a fight any country would win single- handedly as the U. S. Foreign Corrupt Practices Act proved In 1977.
Just because one country takes a stance does not force other countries to, In fact it put our U. S. Countries at a disadvantage. Governments are banning together to collectively fight corruption. There are many cases of corruption that involves companies and people from a variety of different countries, it is only logical that countries would collectively attempt to solve a problem that is affecting them all. Many governments were to blame for corruption, as government regulation allowed t.
Many countries have announced their stance on corruption, bribery and the involvement of foreign public officials in both by signing the Organization for Economic Co-operation and Development convention. The growing government concern and the widely spread information on the severity of consequences of corruption make the fight on corruption anything but fleeting. We are progressively eliminating and straining corruption from everyday business practices. Corruption is no longer the cultural and social norms for most country. Just like cancer you direction to better globalization and business holistically.