PART TWO - PART TWO Kleptocracy o officials and regulators...

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PART TWO Kleptocracy o “officials and regulators who are responsible for overseeing rules believe the rules don’t apply to them” o money made in corrupt privatization programs elites gain control of former state owned factories and sell below market prices o free market kleptocracies Albania Few people had property could not compete in the free market w/o illegal economy o quality of state matters as opposed to size during Cold War will compare to other nations (why do they have that and I don’t?) electronic herd’s building blocks of democracy o transparency distortion of economy ie: South Korea said it had 30 billion foreign currency reserves instead of its 10 billion o standards pressure to abide by reporting standards push for common global standards o corruption higher costs for countries that tolerate corruption other countries less likely to invest o free press needs uncorrupted press to credibly highlight economy
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PART TWO - PART TWO Kleptocracy o officials and regulators...

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