The new Anti-Bribery Convention, agreed to by members of the Organization of Economic Cooperation and Development, a grouping of the world's rich nations, requires countries to criminalize bribery of foreign public officials. The treaty should make a real dent in corruption in developing countries and the countries of the former Eastern Bloc. Moreover, the treaty among rich nations follows initiatives among developing countries to crack down on corruption. It was more than five times overbudget, had to be shut for repairs five months after beginning operations in 1983 and has never worked properly since. Meanwhile, according to the United Nations, more than one-third of Guatemalans go without access to clean water.
Corruption impedes economic efficiency.
Corruption undermines democracy. In Indonesia, regularly rated one of the most corrupt nations on the planet, President Suharto has extracted bribes and payoffs from foreign investors to enrich his family and cronies. With their newfound wealth, the Suharto clique is now well entrenched as a political, social and economic power elite that will burden Indonesia long after Suharto leaves office. The anti-corruption campaign is unusual, because it has been underwritten by big corporations in the United States. GE, IBM and Westinghouse are among the leading advocates of an international anti-corruption treaty.