Corruption exists in all sectors and its impacts are universally negative, but corruption in public infrastructure is particularly nefarious for low-income countries. Estimates of losses to bribery in construction, which lies downstream from procurement, are as high as 45 percent of construction costs. In some situations, misconduct may not even be considered particularly harmful or wrong by the participants – as illustrated by the oft used term for corruption: the price of doing business. This doesn’t happen in a vacuum; corruption is enabled by the conventions and approaches that have been allowed to develop over time. By Ian Hawkesworth
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Results for Op-Ed Global Business & Finance
Thursday 31 December 2020
Washington DC, USA
Wednesday 16 September 2020
New Delhi, India
The World Bank should no longer publish its Doing Business index, owing to its flawed design and vulnerability to manipulation. The Bank also owes the developing world an apology for all the harm this misleading and problematic tool has already caused. By Jayati Ghosh.
Wednesday 22 April 2020
The COVID-19 crisis comes at a crucial moment: the beginning of the last decade that we have to act on climate change. Governments are about to spend trillions of dollars to soften the blow from COVID-19. We must not let that money go to waste. When one is being buffeted by a storm of this magnitude, the worst thing one can do is lose one’s compass. But we must use that compass to chart a new course toward an economic model that places human and environmental sustainability at its center. By Bertrand Badré
Saturday 9 November 2019
Identifying promising green projects and directing capital toward them is a major challenge. At the same time, we must not forget those who stand to be harmed the most by climate change, or those who could be left behind in the shift to a low-carbon economy. To ensure a just transition, we must increase support for vulnerable regions and communities. Support for innovation must also include backing for education and training, so that the next generation will have the skills needed to contribute to a low-carbon economy. We should be cultivating the talents and intelligence of our youth, because it is they who will be developing the technologies and creating the jobs needed for the future. - Ambroise Fayolle.
Thursday 18 July 2019
New York, USA
Blaming manufacturing-job losses on low-wage foreign competition, or, increasingly, on automation has become a staple of populist politics in developed countries. Nowhere is this truer than in the United States, where President Donald Trump campaigned on the issue in 2016 and has since launched a trade war with China. But US workers have long faced another source of competition much closer to home: prison labour.
Thursday 6 December 2018
The establishment of renminbi-based oil trading at a time when China and many other economies confront aggressive US tariffs, and possible further development of renminbi-based trade in other commodity markets, suggests that the US dollar could face an unprecedented challenge to its hegemony. It may in the near future no longer be seen as the anchor of the international monetary system, bringing to an end to what Valéry Giscard d’Estaing famously called the “exorbitant privilege” enjoyed by the US as a result of the dollar’s centrality in international trade. By John A. Mathews and Mark Selden.
Tuesday 9 May 2017
Last month, the United Kingdom enjoyed its first full day without the need for coal power since the Industrial Revolution began. That’s remarkable news – and a sign of the future to come as the country that began humanity’s centuries-long romance with burning black rocks is now moving on. Just as the fax gave way to email and whale oil gave way to kerosene, so is coal giving way to cleaner forms of energy. And that handover will happen faster – perhaps fast enough to let us at least slow down the pace of climate change – if the massive and mighty insurance industry would play its part.
Tuesday 2 May 2017
Women need policies that support their active participation in the emerging green economy, including better education, skills training, and protections against workplace discrimination. Because the clean-energy industry is so new, it could help draw women into non-traditional higher-paid jobs like engineering. Enabling all citizens to meet their economic potential – will require active efforts to promote women’s social and political inclusion. Closing the gender gap is the right thing to do for women and the planet. It is also smart economics. Let’s not miss this opportunity. By Isabella Lövin and Ngozi Okonjo-Iweala