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RE: How Corruption And The Lack Of Political Stability In Developing Economies Is Slowing Economic Growth
Corruption is really all relative though, also you want to look at GDP per capita as a measurement of affluence, because plain nominal GDP can be large enough given the size of the country. The majority of the top 20 GDP per capita countries have very low corruption. The more important thing that brings outside investment is political stability and less corruption leads to political stability in the long run.
I don't know, if read the news you'll see corruption scandals in the US, Great Britain, France etc. so I would say corruption is rampant , in fact in third world countries the thing that happens is that the corrupt people aren't worried about publicity because they are actually above the law, the same corruption happens in the developed countries but the corruption is not so clearly seen, not so well publicized. You tell me what billionaire is in prison, and I bet a lot of that money isn't legal.
In fact I think the only place where billionaires have been doing time is Russia, and mostly because they are Putin's enemies. I still think investments are vetted by powerful people and organizations, they control everything.
But anyway we should all be working towards ending this evil practice, in whatever shape it comes.