Corruption has probably been around as long as power has existed. That doesn't make it acceptable, nor is it a waste of time to try to do anything about it. It can be enormously damaging in a variety of ways. It distorts markets and harms overall economic, social and political development, particularly in developing countries. Some studies suggest that corruption costs the world economy several billions of US dollars a year.
Corruption can occur at all levels in society and in all countries.
In developing countries, it can be the result of poverty but also the cause of it, as experienced by people ruled by a corrupt elite who squander the country's resources. In the developed world, factors such as job insecurity and diminishing corporate loyalty may lead to an increase in corruption. Grand corruption can lead to the payment of very large sums of money, while petty corruption may consist of a few dollars. Both are damaging, although in rather different ways. Where 'grand' corruption occurs, goods or services not only cost more than they should, but the whole decision-making process is distorted.