— Special Feature ~ EDUCATION Corrupt Practices & their impact on Economics and Society Dr. P. L. Maggu, Executive Director, GSBA, G Corruption is between two individuals or two parties or two Institutions for any work to be done without following proper rules of operation for completion of the work, When out of the two individuals or parties or Institutions, one party wants the work should be done within prescribed rules but the other party engages in malpractices for which it expects pay-off, ice. bribes in terms of money or favours, and bends the rules, then this type of corruption is called forced corruption. One can think of a corrupt or a non-corrupt environment as follows: IfA and B are two parties, then if T stands, A or B is non- corrupt, and if F stands, either A or B is corrupt, then environment is called non-corrupt (T) or corrupt (F) as per the following rules in the matrix: MATRIX PARTYA — PARTYB ENVIRONMENT From the above matrix, itis clear that, if both or all parties involved are non-corrupt, rupt (T) T rT, rT, then the environment is no 7 . 7 also if both or all parties involved are corrupt, then the environment is non- y a E corrupt (T). On the other hand, forced F F 7 corruption is part of the corrupt environment (F). IMPACTS OF CORRUPTION It develops unethical practices in life which is more than any monetary cost It discourages healthy competition and the creation of quality assets It creates black-marketing of goods or services or solutions It cultivates an environment of dishonesty, negativity and uncertainty Itis against human rights It decreases the sense of civic responsibilities and encourages malpractices It gives birth to hoarding and creates artific fOOLS OF CORRUPTION Bribes, undue favours Negotiations for mutual benefits by subscribi eoceoe I shortage leading to price rise (0 irregular methods Rising prices of goods/services beyond paying capacity within honest income To gain unethical political power To show muscle power and undesirable money strength for gaining social power Purchasing votes to win political game Unethical behaviour in business and society m eeeoccce