The forgotten psychological cost of corruption in developing countries

By Smriti Sharma, Lecturer in Economics, Newcastle University
Finn Tarp, Professor of Economics, University of Copenhagen
Saurabh Singhal, Lecturer in Economics, Lancaster University

Corruption is a crime which slows economic growth, undermines development, and causes inequality. With a cost to the global economy estimated at around US$2.6 trillion (£1.8 trillion) a year, it is often linked to politics and profiteering by large corporations. The Panama Papers, for example, exposed the vast and powerful reach of the financial secrecy industry.
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