The Power of Ideas

As an economist trained in the neo-classical tradition, I am constantly on the lookout for market failures. Externalities are a reliable source of market failures and when I come across a positive externality, I get a warm and fuzzy feeling. Consider a story that exhibits the benefits of positive externalities.
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Corruption in India

From The Economist (9th Oct 2003) an article on the perceived corruption of countries.

Finland remains the least-corrupt country in the world, according to the latest annual index compiled by Transparency International, a Berlin-based organisation. The index, which measures perceived levels of corruption, focuses on the misuse of public office for private gain. The United States ranks as the 18th least-corrupt country, only a little less so than Chile. Botswana is reckoned to be less corrupt than Italy.

India ranks 83 in the list of least-corrupt countries. Finland is the least corrupt and ranks first; Singapore is fifth; Botswana is ranked 30th — thus leading India by about 50 places. Continue reading “Corruption in India”