Economic Corruption and Its Impacts on Pakistan

Definitions of Corruption:
In philosophical, theological, or moral discussions, corruption is the abuse of bestowed power or position to acquire a personal benefit.
According to the Cambridge Dictionary
" illegal, bad, or dishonest behavior, especially by people in positions of power".
According to Oxford Dictionary
"Dishonest or fraudulent conduct by those in power, typically involving bribery"

From these definitions we can conclude that every illegal action is corruption,corruption manifests,misuse of power,bribery, nepotism,favoritism,privilege and preference etc
Types of Corruption:
Systemic corruption:
It is not type of corruption but systematic corruption is when organizations,institutions,departments being run by corrupt people. when there is culture of corruption and it is not viewed as bad thing.
Political  corruption: 
We can call political corruption as grand corruption or high-level corruption. It is a type of corruption when public assets are garbed by positions. it is done through decision and policy making, when they tailor decisions in there favor using their political position.
Petty corruption:
It is small corruption. It is made in daily routine when public is dealing with government offices and bureaucracy.It is made in courts,hospitals,schools,police,nadra offices and other offices.
legal and moral corruption:
When legal and moral rules are broken it results in legal or moral corruption. It takes place when rules are not defined well or when rules are on discretion of officials.
Economic Corruption:
Economic corruption refers to the corruption economy,finance and tangible assets.This type of corruption occurs when officials have government or organizational money in their possessions and they embezzle it. Politicians, Bureaucrat,government officials may be involved in this type of corruption.
Economic Corruption in Pakistan:
Corruption in Pakistan is widespread Particularly in government and in lower level of police forces.Corruption has damaged Pakistan from very moment it came into existence.Plutocracy is a precedent in Pakistan's bureaucracy.Z.A.Bhutto's nationalization policy paved way  for massive corruption.Peoples Party tenure from 2008-2013 is said to be worst case of corruption in Pakistan's history. An adviser for Transparency International Pakistan observed that if Pakistan checks the menace of corruption and good governance, it would not require a single penny from outside world.  
Report of Transparency International
Every year transparency International issues its report that includes an index of corrupt countries. It ranks countries in a manner that least corrupt country is placed at top. According to its report of 2015 out of 175 corrupt countries,Pakistan is at 127th position. this is a good sign for Pakistan that it has improved as compared to previous year's index.

Impacts of Corruption:

• Discouraging Foreign investors

Corruption in Pakistan is encouraging foreign investors. They fear that their money in Pakistan might be corrupted. India ,Pakistan and Nigeria are such countries known to have high rate of corruption. They fear that their money would not be secure in Pakistan,their bank accounts in bank may stand defaulted.In this way corruption is discouraging foreign investors.   

• Affecting Political stability

In Pakistan almost every government that comes into power is accused of power. Bureaucracy and other public offices do not join hands with government. In 1993,Bainzeers's government was dismissed due to allegations of corruption and these allegations held some water. Due to instable political system,politicians corrupt on large scale because they fear overthrow of governemt. 

• It undermines democracy

Democracy is meant to give people peace,justice,equality,equity and goodness. But when in third world countries these goals are not achieved due to corruption,democracy undermines.People demand dictatorship thus dictators barge into the system. Consistency of democratic system is put down.Democratic system is considered to be failed before it achieves its proposed goals.  

• It is Increasing Poverty

Corruption is not letting government to uplift the status of poor people.Plan for welfare and development are jeopardized by corruption. Politicians corrupt the money before it could be spent on gross root level.Pakistan's political system has many flaws that only influential people can take its benefits.Corruption must be stopped to elevate poverty.

• Soft Image is Distorted

In the world,Pakistan is known is known to have terrorist,extremist and corrupt country. Index of transparency International shows Pakistan in at 126th number. That is is not good a position. Pakistan must must wage campaign against corruption. this menace must be averted to show a good image of Pakistan to the world.

• Departments are loosing Ethical Values

Public is observing government servants taking bribe. Police Department ,Nadra office,Wapda servants, traffic police,Courts,etc are famous for taking bribe. People do not trust these Departments. Although all are not balck sheeps but common perception is not favorable for them.So these departments are loosing confidence of people.

References:

• https://www.blogger.com/blogger.g?blogID=5049904041231285873#editor/target=post;postID=2425605255669570449
• http://cprenet.com/uploads/archive/IJBBS_12-1145.pdf
• http://www.pakistantoday.com.pk/2011/11/24/comment/editors-mail/corruption-and-its-impact/
• http://pu.edu.pk/images/journal/pesr/PDF-FILES/7%20JAVAID%20Corruption%20and%20its%20Deep%20Impact%20on%20Good%20Governance%2085.pdf
• https://koolblue.wordpress.com/2011/08/19/impact-of-corruption-on-our-society/
• http://www.nab.gov.pk/Downloads/Annual-Report-2014.pdf
• http://en.wikipedia.org/wiki/Corruption_in_Pakistan
• http://elaine.ie/2009/07/31/definitions-and-types-of-corruption/