Economic Research of Corruption: Its Consequences

In current age, corruption has become a major socio-economic problem. It is one of the most prominent barriers in the way to economic development. The major focus of this paper is on the economic research of corruption. The first part of this paper brings various definitions by renowned authors and typologies like intellectual, political, economic, and bureaucratic corruption. In the second part, this paper presents different impacts of corruption through economy. It contains research on the effect of corruption on the Gross domestic product (GDP), the level of investment in public and private projects, governmental expenditure, capital flows and Foreign Direct investment, bureaucracy, resource allocation, and foreign aid