William Henderson and B. McGraw talk about corruption. What exactly is corruption? What forms of it are there? How can it be prevented or mitigated? This is Part 2 of 3 episodes.
We first discuss the concept of the revolving door, in which politicians and regulators cycle between their roles and private sector jobs in the industries they regulated. We then discuss the level of corruption in national vs local politics. After this, we talk about the incentive for politicians to support reform, how term limits impact things, and the incumbency advantage. We go over the question of pork barrel spending, and whether or not it could have good benefits. Then we go over whether or not corrupt practices increase or decrease efficiency in government, the feasibility of imprisoning politicians found guilty of crimes, and the change in corrupt practices in revolutionary societies.
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44: Revolving door
7:58 Corruption of national vs local politics
8:51 Kids for cash for-profit jail controversy
12:30 amendment pay raise
13:00 term limits (1) (2) (3) (4)
15:51 Incumbency advantage
18:02 who watches the watchmen?
19:21 Corrupt practices in historical societies
20:40 Pork barrel spending
23:40 Does corruption increase or decrease efficiency?
27:05 jailing politicians
29:19 Corruption in revolutionary societies