Showing posts with label GWU. Show all posts
Showing posts with label GWU. Show all posts

Tuesday, October 4, 2016

IMF Seminar on the Effects of Corruption on Youth - Brendan Cody, Intern, George Washington University

This year’s annual meeting of the International Monetary Fund and the World Bank has a special focus on inequality. In keeping with this theme, the IMF held a seminar discussing the effects of corruption on youth and the direct correlation between the level of corruption and income inequality.
Corruption perpetuates income inequality in several ways. First, systematic corruption erodes public trust in the government and leads to extreme lack of tax compliance. Since most education funding comes from government, corruption limits the amount of money spent on education and the potential for human capital growth. Corruption also creates uncertainty for foreign investors in a country who do not know if bribes or government regulation could harm business. This limits the private sector job market for youth who do receive education. In a society where who you know is more important than what you know, youth are often discouraged from studying and from pushing impactful reforms on their governments.
After describing the negative effects of corruption, the panel proceeded to discuss how to minimize corruption. People, particularly the youth, must demand transparency and honesty from their governments. The rule of law must also be instituted for everyone, but sending corrupt figures to prison will not solve the entire problem. Values and institutions must be instilled into the society for any long term change to occur. Role models and examples of good behavior can play a key role in changing societal norms. Furthermore, citizens cannot accept corruption as a normal part of life when they hear of a scandal in the press, but must demand change.
In conclusion, the panelists argued that journalists need to expose corruption and keep society honest, but that family and other institutions must provide support for long term change through the nurturing of ethics and fair practice.
Brendan Cody, Intern, George Washington University