Corruption involves various types like misusing of one’s power, privileges, or authority for their personal gains. Personal gain can be either in the form of money or achieving some other goals that are not legal through dishonesty and unfair means or practices. Corruption afflicted economies or in other words corrupted economies do not have the capability to flourish and prosper to the full extend compared to the economies that are not afflicted with any corruption or corrupt practices or economies that are inflicted with bare minimum or very less levels of corruption. The functioning of the economies will be disrupted due to unfair practices as these unethical means stop or hinder the laws or policies from functioning at their free will. Due to this, political operations of the economy are disrupted which in turn leads to whole society being prone to suffering. Some of the impacts of corruption on the economy are as follows: Bad quality and increased prices and inefficient allocation of the resources.
Corruption slowly paves the way for monopoly. Internal dealings are made such that the contracts are awarded the rewards and the operations take place in such a manner that one group or organization becomes the sole and only produced or manufacturer or distributor or supplier or vendor of the product eliminating other computers leading to monopoly (Ahmed, M. U. & Pulok, M. H., 2017). This is a dirty game where in the people’s greed for more and more money makes them to resort to such unethical means or practices. The owners of the business in the economy may make use of their connections and bribe the governmental officials that have the authority to approve or reject certain business or economic decisions (Li, H., Xu, L. C., & Zou, H. F., 2000). These corrupt business owners ask for favors that may lead to their competitor’s failure in growing up economically and ultimately stumbling down. This way when all their competitors are eliminated, the only business that remains running is the corrupt people’s business and thus they take advantage of this situation by raising the prices. The users or the common people in the economy are left with no choice but to pay high prices as the they are left with no other choices.
