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Corruption is the bane of development for many Asian societies. In some countries, corruption has become so deep-rooted that the state is deemed to have been 'captured'. Moreover, the corrosive effects of corruption on society are often enduring and tough to remedy, crippling both public and private institutions, resulting in a vicious cycle of underdevelopment.
(a) Discuss what is meant by 'state capture' and critically explain any five (5) detrimental effects of state capture on a relevant Asian country of your choice. Be clear and specific in your analysis and provide relevant statistics and graphs where necessary. Can we truly weed out corruption in society?
(b) Conventional wisdom is such that corruption undermines development. However, under what conditions would corruption be beneficial to an economy? Why? Analyse three (3) such conditions, drawing examples from Asia.
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