Electronic Journals of the U.S. Information Agency, Vol. 3, No. 5, November 1998
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CORRUPTION: AN IMPEDIMENT TO DEVELOPMENT
There is
no question that as we move into the global information age,
foreign
corrupt practices threaten to undermine both the growth and
the stability of
our global trade and financial system. Nowhere are the
consequences more
evident than in emerging and developing economies. The
financial crises in
Russia and Asia have clearly been deepened as a result of
cronyism and
corruption. As emerging economies open their doors to foreign
investment and
trade, corruption tends to thrive. At worst, it can impede
the ability to
attract overseas capital, it can damage economic development
and reform, and
it can hinder the growth of democratic institutions.
This issue of Economic Perspectives explores the economic costs of corruption and bribery and discusses new international strategies for tackling the problem. I hope you will support our efforts to fight this scourge, and I hope this discussion will help us focus on the steps we need to take to build a stronger global economy for people all around the world.
-- Vice President Al Gore
Economic
Perspectives
USIA Electronic Journals, Vol. 3, No. 5,
November 1998.