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Essay / Research Paper Abstract
This 6 page paper discusses various aspects of the Foreign Corrupt Practices Act, legislation which makes it an offense for a U.S. citizen or company to bribe an official of a foreign government. Bibliography lists 5 sources.
Page Count:
6 pages (~225 words per page)
File: D0_HVFCPAct.rtf
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Unformatted sample text from the term paper:
consider is why the act was implemented in the first place. The legislation was presented to the House by Representative Harley O. Staggers, who introduced it by saying that more
than 400 corporations "have admitted making questionable or illegal payments. The companies, most of them voluntarily, have reported paying out well in excess of $300 million in corporate funds to
foreign government officials, politicians, and political parties" (Staggers, 1977). Among these corporations were some of the largest and most powerful in the U.S., including more than 117 that ranked in
the "top Fortune 500 industries" (Staggers, 1977). Among the abuses uncovered were everything from bribery to so-called facilitating payments (Staggers, 1977). The bribes were usually made to "high foreign officials
in order to secure some type of favorable action by a foreign government" while the "facilitating payments" were made to ensure that the foreign government discharged its ministerial and/or clerical
duties quickly (Staggers, 1977). The industries involved in this corruption included health care and drugs, foodstuffs, "oil and gas production and services," chemicals, aerospace, and "airlines and air services" (Staggers,
1977). The biggest objection to this practice, and the main reason for the act, is that bribery is unethical (Staggers, 1977). "It is counter to the moral expectations and values
of the American public" and in addition it is bad for business because it "erodes public confidence in the integrity of the free market system" (Staggers, 1977). Bribery and corruption
"short-circuit" the market by sending business to those companies that Staggers describes as "too inefficient to compete in terms of price, quality or service, or too lazy to engage in
honest salesmanship, or too intent upon unloading marginal products" (Staggers, 1977). In effect, "bribery rewards corruption instead of efficiency," and pressures ethical companies to "lower their standards or risk losing
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