Corruption in the market

Michael asked:

Our Answer:

"An ounce of prevention is worth a pound of cure"

Corruption is a plague not only on the salesmans market but probably in every area of our life. It raises the costs and risks for doing business. Today, corruption is a frontline issue in the dialog between the World Bank and many of its member countries. It is also a subject of many research studies. Corruption is a problem in international business transactions, economic development projects, and impedes transparency in global economies. How to find a way out? One of them is try to build a coalition with other sellers in your market. Although its your competitors whom you would create a coalition with, the problem of corruption affects all the sellers and buyers on the market. If you decide to give a bribe, think what consequences it might have for your future relations with this particular buyer? Giving a bribe may create a precedent. Will they quit there or rather expect another even bigger bribe later or next time round ? What will you do then? You should inform the management of your company about this problem and how it affects your activities. Do you have their support against corruption? Maybe it would be good to arrange a meeting between the heads of your company and the buyers company. If the situation is approved by the other sides authority, you should know that corruption is illegal in most countries and you have recourse to legal action. Of course all sales should take place with due respect paid to prevailing local country practices and norms. So consider whether bribes are considered common practice in your country to gain appropriate context.

We find it regrettable that ethical companies who refuse to pay bribes are penalised by being uncompetitive compared with their competition who do give bribes.

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