ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Corruption may involve many activities which include bribery, influence peddling and the embezzlement and it may also involve practices which are legal in many countries. Political corruption occurs when an office-holder or other governmental employee acts with an official capacity for personal gain.

Detailed explanation-2: -Corruption erodes the trust we have in the public sector to act in our best interests. It also wastes our taxes or rates that have been earmarked for important community projects – meaning we have to put up with poor quality services or infrastructure, or we miss out altogether.

Detailed explanation-3: -The most common types or categories of corruption are supply versus demand corruption, grand versus petty corruption, conventional versus unconventional corruption and public versus private corruption.

Detailed explanation-4: -Forms of corruption vary, but can include bribery, lobbying, extortion, cronyism, nepotism, parochialism, patronage, influence peddling, graft, and embezzlement.