There is no question that as we move into the global information age, foreign corrupt practices threaten to undermine both the growth and the stability of our global trade and financial system. Nowhere are the consequences more evident than in emerging and developing economies. The financial crises in Russia and Asia have clearly been deepened as a result of cronyism and corruption. As emerging economies open their doors to foreign investment and trade, corruption tends to thrive. At worst, it can impede the ability to attract overseas capital, it can damage economic development and reform, and it can hinder the growth of democratic institutions.

This issue of Economic Perspectives explores the economic costs of corruption and bribery and discusses new international strategies for tackling the problem. I hope you will support our efforts to fight this scourge, and I hope this discussion will help us focus on the steps we need to take to build a stronger global economy for people all around the world.

-- Vice President Al Gore