BRIBERY AND CORRUPTION has become one of the most dangerous function in economic world.It is seen every where either in rich or poor country.Global business and marketing has been deeply influenced by this bribery and corruption system.
RELEVANT FOUNDATIONS OF BUSINESS ISSUES IN CORRUPTION
As Walter Guzzardi points out history does not record a burst of international outrage when Charles M.Schwab presented a $200,000 diamond and pearl necklace to the mistress of Czar Alexander’s nephew, although in return for that consideration, Bethlehem Steel won the contract to supply the rails for the trans-Siberian railroad.
Today far less crass sales inducements are quickly and universally denounced when used by Indian companies doing business abroad. We now are living in a post-Watergate age that requires continuous investigation,discovery and condemnation.
The recent discussion of payments by international companies has demonstrated that there are enormous differences around the globe in judgments about what is right and what is wrong . What emerges from this discussion is that even in the remotest cultures there are rights and wrongs on the extremes. This is not really a problem.
In a report a made by the SEC(Securities and Exchange Commission) to the senate committee on Banking, Housing and Urban Affairs the commission recognized the difference between payments made to government official to procure special and unjustified favors and those made to persuade low-level government officials to perform functions that they are obliged to perform as part of their governmental responsibilities but which they may refuse or delay unless compensated.