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May 25, 2009

Corruption can be useful if properly managed, says this article from Manila Times:

People believe widely that corruption hampers economic growth. But in East Asia the experts have noted the seeming paradox of high corruption and high growth occurring together. And they conclude that corruption in weak and still un­formed states—for as long as it is predictable, moderated and controlled—has its uses, since it substitutes for the legalities that in the mature countries ensure the stability of investments and the inviolability of property rights. Only in our country has corruption failed to produce this East Asian paradox.


I have a book arguing essentially the same: Corruption: The Boom and Bust of East Asia

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