Discuss the relationship between globalisation and corruption Essay

Discuss the relationship between globalisation and corruption - Essay Example It is therefore the role of this paper to look into corruption, globalization and international finance institutions, and their relation to one another in corruption. Globalization can be defined from different perspectives depending on the intended consequences, where there is deeper meaning and the layman definition of globalization, where the term has been used for similarly numerous purposes. The general meaning of the term as has been used by journalists and politicians is meant to describe the spread and nature of being connected of different social and economic factors around the world (Smith and Doyle, 2002). As such, then factors include production, communication and technologies, where these have seen interlacing of economic and cultural activities. In political fronts, globalization has been used to mean the ability or efforts made by different parties to create and spread free markets for goods and services around the world. Different authors attempt to define globalizati on based on the origin of the term and it has since been lost as it bears a broad definition based on the many sectors it touches meaning that globalization is not definite, but broad. This makes globalization a term that can only be used in a specific manner only if the point of reference is known. In spite of this, Anthony McGrew offers a definition saying that globalization is the multiplicity of linkages and interconnections beyond border making up the modern world system (Reich, 1998). Corruption, just like  ­Ã‚ ­globalization has numerous perspectives but they all boil down to one event that does not auger well for economies and individuals that are affected. The broad definition of corruption lies in the misuse of or abuse of public office for private gain, but this does not apply to all situations, as this is restricted to the public sector rather than private entities and individuals (Bayar, 2003). This misuse is also provided with a number of means through which it can o ccur marking the beginning and end of corruption such pilferage, embezzlement, falsification of data and kickbacks amongst other. This way, corruption is defined on a broad perspective to cater for all events of corrupt activities, and corruption can also be case specific depending on the events that occur and the situation such as the sector affected. In the insurance sector, it is termed as fraud to steal from the agency, as it is for the private sector. Corruption can again be narrowly defined on the basis institutions and spontaneity, where these two become types of corruption based on their locality and nature (Balboa and Medalla, 2006). Globalization has a number of effects on corruption, and one of them is that it has positive impacts towards the prevention and reduction of corruption cases on a global scale. This occurs with the presence of the transnational bribery act, which serves to prevent the presence and prevalence of corruption across different countries, especially with the spread of production and cooperation between different countries (Ackerman, 2002). Because of this, globalization has put mechanisms in place to ensure that corruption does not spread and therefore remains localized to one place, from which it can be dealt with effectively. Globalization, which also occurs on a large scale for private sector companies and institutions helps to eliminate corruption by use of privatization procedures. This removes assets from state control and puts them in the control of