The worldwide movement toward economic, financial, trade, and communications integration. Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. However, it does not include unhindered movement of labor and, as suggested by some economists, may hurt smaller or fragile economies if applied indiscriminately.
Globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. Put in simple terms, globalization refers to processes that promote world-wide exchanges of national and cultural resources. Advances in transportation and telecommunications infrastructure, including the rise of the Internet, are major factors in globalization, generating further interdependence of economic and cultural activities.
What is Corruption?
Transparency International defines corruption as the abuse of power for private advantage. In effect, corruption is a legal wrong arising from a particular conduct or activity and suggests moral bankruptcy of an individual, a bureaucracy or a business.
Scholars have identified a number of different kinds of corruption. For example, it is argued that one can distinguish between political and bureaucratic corruption and parochial (to achieve status) and market corruption (for money) and that recognising the motivators behind these different kinds of corruption can be useful in determining ways to combat the problem. A distinction is also made between grand corruption and what is known as facilitation payments, grease payments or petty corruption. Grand corruption involves the making of large payments to people in positions of power in order to secure a right or obtain an advantage that could not be secured or obtained legitimately. Petty corruption involves the payment to minor...
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