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La economía de la corrupción y la corrupción de la economía: una perspectiva institucionalista


  • Geoffrey Hodgson

    () (Universidad de Hertfordshire)

  • Shuxia Jiang

    (Xiamen University)


This essay criticizes the commonplace definition of corruption as the misuse of public office for private gain. Both elements in this definition are wrong: corruption is also found in the private sector and in some exceptional cases it may not simply be for private gain. Another problem with prevailing treatments of corruption is their reliance on a utilitarian framework, which reduces ethical issues to matters of individual utility. This paper reinstates a non-utilitarian ethical dimension, and regards organizational corruption as involving collusion to violate established normative rules. It is further established that organizational corruption incurs irreducible social costs that cannot fully be internalized in a Coasean manner, because corruption itself undermines the very framework of property rights.

Suggested Citation

  • Geoffrey Hodgson & Shuxia Jiang, 2008. "La economía de la corrupción y la corrupción de la economía: una perspectiva institucionalista," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 10(18), pages 55-80, January-J.
  • Handle: RePEc:rei:ecoins:v:10:y:2008:i:18:p:55-80

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    References listed on IDEAS

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    More about this item


    corruption; rules; public and private benefit;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption


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