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Corruption is the method government officials implore to extract rents from businesses This paper uses the functionalist-modernization theory of corruption to examine governmental corruption The primary argument is that the functionalist-modernization approach is the most efficient method of controlling corruption The market approach to corruption argues that corruption is inevitable in a modern economy Since corruption cannot be eliminated the market approach focuses on how to minimize its effect on a system Before examining methods of limiting corruption it is important to examine the principal-agent-client model of corruption The principal-agent-client model of corruption is similar to the interaction between the government politicians and interest groups The principle the government employs the agent politicians who in turn interacts with the client interest groups Figure 1 represents the interaction between the three parties Usually the agent put his own interest ahead of the principles interest Consequently the principle always monitors the agents actions The principle exchanges information with the agent who in turn exchanges information with the client Furthermore the client provides the principal with information some of which concerns the agent This relationship is referred to as an iron triangle get a quote concerning the iron triangle theory and discuss it moreexplain the importance of this principle Within the principle-agent-client model corruption occurs when the client solicits a monetary bribe to the agent Figure 2 illustrates that the agent has the option of either accepting the bribe or rejecting it His decision is influenced by weighing the payoffs associated with accepting the bribe against payoffs associated with rejecting the bribe The game ends if the agent rejects the bribe However the agent usually accepts the bribe because he gains nothing from rejecting it Figure 3 illustrates the sub-game which occurs between the agent and the principal If the agent accepts the bribe he is concerned with being caught by the principle Ideally the agent wants the corrupt act to go
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