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The term “corruption” is about decisions in the public sector. We do wrong when we extend it to the decisions of private firms. Private firms are efficient because they are able to empower employees with decision-making powers, which draw on diverse considerations including past experiences, references and trust. If we make private sector firms behave like the public sector, we will lose economic dynamism. The checks and balances that generate probity in private firms require strengthening, but the required policy reforms are completely unconnected to the public sector anti-corruption machinery.
The word “corruption” is about personal benefits that influence a
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