Major factors that affect economic development

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Researchers have come to conclusion that corruption is one of the major factors that affect the economic development in many developing countries. In other words, these countries are not developed because of corruption. However, many government officials in these developing countries argue that even in developed countries such as the U.S. government officials, England, Germany and others, congress, senate, parliament in theand other public institutions are corrupted through rent seeking. Government should be the institution that prevents rent-seeking activities because they impose huge cots on other businesses as well as on consumers. However, in these countries, government is often the institution that supports rent seeking. What is your reaction to this statement? Can rent seeking be viewed as an act of corruption that the government should prevent?

Reference no: EM131082119

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