Essay - Fighting Corruption: the Risks of Global Management Executive Summary in...

FIGHTING CORRUPTION: THE RISKS OF GLOBAL MANAGEMENT

EXECUTIVE SUMMARY

In recent decades, corruption has emerged as one of the greatest threats to global economic development and business management. The list of countries that have been politically or economically crippled by corruption continues ***** grow, and businesses with long-term interests abroad will ultimately be harmed by any plans that include bribery.

Bribery is the most widespread form of corruption, and corporate strategies for dealing with bribe requests vary.

This paper unravels and examines mechanics of corruption, fighting it, and offers solutions to the growing body of government ***** ***** organizations trying to fight it. Once the public outcry against paying bribes becomes as loud ***** it is for environmental and globalization *****sues, the risk for corporations willing to pay bribes will rise significantly. Already the penalties can be severe. In ***** US they include incarceration, fines and disqualification from doing business ***** the US *****.

There*****e, corporations, must create a corporate culture ***** refuses bribe requests ***** establish clear corporate codes that employees unwaveringly adhere to. They must also assure managers that the company will back *****m when ***** refuse to *****. A company would be foolish not to develop two general strategies, one for dealing with bribe demands and another ***** dealing ***** competitors who offer bribes. The potential, in terms of criminal liability, skewed relationships, lost contracts, disqualification from government *****, loss ***** reputation is simply too great to ignore. Because bribery is illegal, it ***** conducted behind closed doors, w*****h those involved expending time and resources to keep their secret. But those who ***** endured them often describe them as unhealthy, unstable and unenforceable. Firms' reputations suffer when word ultimately leaks. Companies also face the very real possibility of being pushed to pay more and more bribes as their reputation as a bribe-p*****yer spreads.

Lastly, there are international trade implications surrounding corruption. Corruption degrades markets, and increases transaction costs. Corruption also drastically affects economic development by causing a mis*****llocation of *****. But ***** damaging is the fact that in endemically corrupt systems, regular people are not getting served ***** ***** government; they don't trust the government so they don't interact with the government. Third world ***** suffer the most at ***** hand of corrupt business ***** and politicians. As companies strive to elimin*****e corporation, economic globalization for all countries ***** no doubt improve.

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Increasing, in many parts of the world, ***** and governments alike have recognized that *****ion raises ***** costs and risks for doing business. Corruption has a corrosive imp*****ct on both market opportunities overseas and the broader business climate. During the last 10 years, dramatic new imperatives ***** emerged for companies ***** take action against corruption ***** bribery. Once viewed by many firms as an awkward but necessary requirement of doing business, corruption and bribery are emerging instead as a form of business malpractice. Corruption also deters foreign investment, stifles economic growth, and undermines legal and judicial *****. The risks of exposure have become greater,