The fact that so many world leaders, representing some 80 countries, and nearly as many multilateral and non-governmental organizations, have gathered here to discuss the importance of combating corruption demonstrates exactly that, the importance of this issue. I can remember not so long ago when discussing corruption in any conference like this would have been unthinkable, taboo. On a personal note, I was in Kenya a few months ago and gave a speech on corruption. And I thought it was remarkable, regarding both the level of interest and the wide ranging discussion we held afterwards, which included comments by students, government officials, and representatives from non-governmental organizations about the impact of corruption on their society. As a result of the leadership of the Vice President, and the work of others in this Administration, of organizations like the World Bank, the IMF, the OECD, and groups such as Transparency International, there is an increased international awareness of the corrosive effect of corruption and real focus on strategies to combat it.
Corruption is very much a social and political issue.
An accountable, responsive and honest government is central to a government's legitimacy and, ultimately, to political and social stability. As evidence of this, there are many instances of governments that have lost public support in part because of corruption. Today I wish to focus on how corruption is also very much an economic issue. The backdrop for my remarks is the development of the global economy over the last few decades. Liberalized trade and financial flows have contributed to increased investment, output and efficiency, all of which has benefitted millions of people around the globe.