Can corruption and economic crime be controlled in developing economies – and if so, is the cost worth it?

Purpose The purpose of this paper is to examine the question of whether corruption and economic crime can be controlled in developing economies and whether the cost of doing that can be justified. It also explores the implications of corruption in the development of developing economies. Design/methodology/approach The paper reviews a range of published articles (1964‐2005), which offer theoretical and empirical research on corruption, economic crime and development. Themes discussed range from; the causes, implications, controls and the cost of controlling economic crime and corruption in developing economies. Findings Provides a critical analysis of the debate on corruption and economic crime in developing economies. The paper generally concludes that no single institution can be used to control corruption and economic crime and efforts to control these phenomena need to come from multiple fronts. The best way to tackle corruption in developing countries is through sector‐by‐sector control and that efforts to eliminate corruption are unlikely to be entirely successful in developing countries, not even in the developed countries. Practical implications The paper reminds developing countries to adopt measures that best suit their local circumstances in setting up anticorruption agencies/institutions while taking into consideration the borderless nature of crime – economic crime and corruption. Policy makers, especially in developing countries should re‐examine both local and international tools for combining economic crime and corruption to ensure development. Originality/value Although the paper argues along similar lines with the neo‐liberal approach to combating economic crime and corruption in developing countries, a major departure of this paper is that it proposes the need for a global effort to corruption and economic crime as a result of the increasing borderless nature of crime in this present age of information communication technology.