The recently-adopted OECD convention outlawing bribery of foreign
public officials is welcome evidence of how much progress has been
made in the battle against corruption. The financial crisis in East
Asia is an indication of how much remains to be done. Corruption is
by no means a new issue but it has only recently emerged as a
global issue. With the end of the Cold War, the pace and breadth of
the trends toward democratization and international economic
integration accelerated and expanded globally. Yet corruption could
slow or even reverse these trends, potentially threatening economic
development and political stability in some countries. As the
global implications of corruption have grown, so has the impetus
for international action to combat it. In addition to efforts in
the OECD, the Organization of American States, the World Trade
Organization, and the United Nations General Assembly, the World
Bank and the International Monetary Fund have both begun to
emphasize corruption as an impediment to economic development. This
book includes a chapter by the Chairman of the OECD Working Group
on Bribery discussing the evolution of the OECD convention and what
is needed to make it effective. Other chapters address the causes
and consequences of corruption, including the impact on investment
and growth and the role of multinational corporations in
discouraging bribery. The final chapter summarizes and also
discusses some of the other anticorruption initiatives that either
have been or should be adopted by governments, multilateral
development banks, and other international organizations.
General
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