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Corporate Social Responsibility Essay

2294 words - 10 pages

VII. Corporate governance in foreign investments, privatization and the significance of insolvency regimes

7.4 Grand corruption involving privatization

Submitted by:
Ma. Jolina M. Boloso
BSA 3-1

Submitted to:
Prof. Carolina Guerrero

May 10, 2014

Table of Contents

I. Corruption and privatization ………………………………………………. 2
What structure help prevent corruption …………………………………. 3
II. Examples of Grand corruption involving privatization
MWSS …………………………………………………………………………………. 4
* Problems and rationale for MWSS privatization ……………… 4
* Privatization of MWSS ………………………………………………….. 5
* MWSS issues and controversies …………………………………….. 6
Expo Filipino ...view middle of the document...

Grand corruption takes place when large multinational companies paying millions of dollars to government leaders or politicians to obtain lucrative business contracts. Grand corruption is easier to organize and offers opportunities for fraudulent investors. Grand corruption is sometimes used synonymously with political corruption.
Political corruption involves political decision makers. Political corruption not only leads to the misallocation of resources, but it also affects the manner in which decisions are made. Political corruption is the manipulation of the political institutions and the rules of procedure, and therefore it influences the institutions of government and the political system, and it frequently leads to institutional decay. Political corruption is therefore something more than a deviation from formal and written legal norms, from professional codes of ethics and court rulings.
Common form of corruption is bribery. There are many equivalent terms to bribery, like kickbacks, baksheesh, sweeteners, grease money and pay-offs. By “greasing palms” many corporations and business interests are for example able to buy political favors and escape the full burden of taxation and environmental regulations, others are able to buy protected markets and monopolies, import/export licenses, etc.
For multinationals, bribery enables companies to gain contracts (particularly for public works and military equipment) or concessions which they would not otherwise have won, or to do so on more favorable terms. They distort decision-making in favor of projects that benefit the few rather than the many.
Privatization may have several meanings. Primarily, it is the process of transferring ownership of a business, enterprise, agency, public service, or public property from the public sector (a government) to the private sector, either to a business that operates for a profit or to a nonprofit organization. It may also mean government outsourcing of services or functions to private firms, e.g. revenue collection, law enforcement, and prison management.
What Structures Help Prevent Corruption?
“Good governance” principles can make it more difficult for corruption to take root. Of many requirements of good governance, some key components are participation, accountability, transparency, and rule of law.
Public participation greatly helps mitigate conflict because there are legitimate public forums and mechanisms for peaceful debate. Public participation in politics (through elections, political parties and civil society organizations) can provide a check on the government and keep political authorities accountable. Such accountability is enhanced by the rule of law, which encompasses the processes, norms, and structures that hold the population and public officials legally responsible for their actions and impose sanctions if they violate the law.

II. Examples of Grand corruption involving privatization
* Metropolitan Water and Sewage System

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