Abstract

It is stating the obvious that corruption has posed challenges to the socio-economic development of the Third World. Corruption permeates all facets of human life as it is observed in every economy, whether developed or developing. It is disheartening to observe that in the present millennium, when development is dictated by the forces of knowledge, capacity building and utilization, information and communication technology and management, the Third World countries, especially in Africa, appear to be enmeshed deep into corruption, bad governance and crises of all kinds. At the root of these cataclysmic disorder and crises of development include corruption, leadership ineptitude in Africa, rape of democratic processes and lack of structured foundation for economic development. Other major causes of this development enigma are the failed status of these states, dependence on foreign development assistance and the rhetoric theoretical economic framework. These factors challenge the spirit of commitment, patriotism, entrepreneurship, capacity building and nationalism as they commit the people to a socio-psychological battle for survival. This paper uses some paradigms to explain this duel. It suggests a reform of government policies redirected at capacity building, knowledge economy, entrepreneurship, critical youth empowerment, revaluation of the cultural values of material acquisition, making the fight on corruption to be holistic instead of selective, adoption of good governance, accountability and pursuit of critical agenda for micro-economic stability. These are recommended to strengthen the structures for critical economic development in the Third World.

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