CORRUPTION, UNEMPLOYMENT, AND THE GLOBAL FINANCIAL CRISIS

ABSTRACT.The aim of the present study is to examine and evaluate people's perceptions concerning the extent of corruption, the problems that the sub-prime crisis has revealed, and the behavioral aspects of the governance process. theory that we shall seek to elaborate here puts considerable emphasis on correlations between the rate of changes in Internet users and the evolution of corruption, the growth of cybercrimes, and the procyclical nature of the banking industry.JEL Classification: D73, Q52, F01Keywords: corruption, cybercrime, unemployment, the global financial crisis1. IntroductionThis study is grounded in the considerable body of scholarship examining the actual experience of corruption, the supply-side of corruption, and the global cybercrime industry. goal of the present study is to detennine if there are relationships between the prevention of corruption, the current financial crisis, and the subprime residential real estate market.2. Corruption and Legal MarketsSzarek-Mason states that the current anti-corruption measures have merely incidental impact on national anti-corruption policies. measures relating to the execution of freezing and confiscation orders are crucial in the combating of corruption. Measuring the scale of corruption can be done by focusing on the number of prosecutions, the perception of corruption or the actual experience of corruption (effective monitoring mechanisms are crucial for the success of anti-corruption instruments). Szarek-Mason holds that the OECD targets corruption as an obstacle to international trade and fair competition, and is setting anti-corruption standards in the narrow context of international business transactions. OECD Convention concentrates on the supply-side of corruption, focusing on international corruption (it contains important provisions focusing on the prevention of corruption). Corruption may facilitate money laundering and support other criminal activities, is the key tool by which organized crime infiltrates the legal markets (it is a crime committed for profit), and undermines the principles of democracy, equality and the rule of law (it constitutes a threat to democracy and the rule of law).International cooperation has become particularly urgent in cases of cross-border corruption. Globalization opened up new frontiers not only for trade and business, but also for corrupt practices. Differences in laws and procedures across countries rendered the prosecution of cross-border corruption difficult for national authorities. countries were, therefore, compelled to agree upon certain rules facilitating investigation and prosecution to ensure that cross-border corruption was dealt with more efficiently. 'Ross notes that police corruption covers any criminal act in the commission of one's job: the career advancement model in most police departments may serve as a cause for corruption, the networks that engage in corruption may continuously shift their activities, whereas paying police officers a respectable and living wage is an important step in minimizing corruption. The community and political environment are influential in establishing attitudes toward corrupt activities. [...] An environment in which many officers either accept the existence of corruption or participate in corrupt activities calls into question the quality of leadership.2 Income inequality affects people's perceptions3 concerning the extent of corruption. Democracy (or political equality) is not sufficient to curb corruption without economic equality. In democratic countries, oppression as a substitute for corruption cannot be used. Countries with more authoritarian regimes are likely to have higher levels of corruption. Corruption deters investment and growth.4 Anti-corruption regimes can be both inward-looking and outward-looking. States generally do not apply their anti-corruption laws to foreign companies directly. …