Talk about us: The corruption in Emerging Economies

Combating corruption is an important example of how entrepreneurial solutions can tackle systemic institutional inadequacies. Corruption is one of the main issues faced by emerging economies. 

The reason to focus on corruption is not just because of its ambient importance, but because it highlights two aspects of the course that we should attend to throughout all the sessions.

1)  One needs to understand the institutional structure of the economy to understand how to solve its problems. Corruption is a response to specific institutional factors. Entrepreneurs must be responsive to corruption from an informed institutional context.

2)  The example of corruption emphasizes how entrepreneurs, or other individuals, can make progress combatting even the most severe problems in a society. Transformation is possible even for an issue as big, difficult, and complex as corruption.

Man's Approach to Fighting Corruption in Africa: The Mo Ibrahim Prize for Achievement in African Leadership.

Mo Ibrahim, an African communications billionaire, created the Mo Ibrahim Foundation to encourage better governance in Africa. In 2007, he initiated the Mo Ibrahim Prize for Achievement in African Leadership, to award a prize of $5 million and an annual sum of $200,000 (for life) to African leaders who prioritize the security, health, education, and economic development of their people and who democratically relinquish power to their successors.

To date, he has given only 3 prizes, in 2007 (Joaquim Chissano of Mozambique), 2008 (Festus Mogae of Botswana), and 2011 (Pedro Pires of Cape Verde).

What accounts for the inability to find worthy prize winners the other years? It is possible that this seemingly large sum of prize money is small in comparison to the money to be gained through corrupt practices and methods.

Author Professor Khanna, professor at the Harvard Business School.

Who is this #bright mind ?

Tarun Khanna (born; 1968) is an Indian-born American academic, author, and an economic strategist. He is currently the Jorge Paulo Lemann professor at Harvard Business School; where he is a member of the strategy group, and the director of Harvard University’s South Asia initiative since 2010.

In 2007, he was nominated to be a young global leader (under 40) by the World Economic Forum; and in 2009, elected as a fellow of the Academy of International Business. Khanna also sits on the boards of AES Corporation, SKS Microfinance, GVK Biosciences and TVS Logistics

Pic by Obi Onyeador

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