Prof Prabhudev Konana writes:
- To prevent the exploitation of the system, the law-makers — who are part of the corrupt system — introduce greater regulations, inspections, and restrictions, without recognising that adding so-called “oversight” leads to even greater potential for corruption. Hernando de Soto, the Peruvian economist, famously said in his seminal book Mystery of Capital: Why Capitalism Thrives in the West and Fails Everywhere Else, that in most countries “it is very nearly as difficult to stay legal as it is to become legal.” He stated this in the context of private property rights and bureaucratic hurdles, but it applies to every aspect of government transactions.
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