Title: Historical inefficiencies and future potential: a critical analysis of the Foreign Corrupt Practices Act of 1977

Authors: Matthew J. Somlo

Addresses: Marist College, 3399 North Road, MSC #13206, Poughkeepsie, NY 12601, USA

Abstract: The purpose of this paper is to briefly explore the history of the Foreign Corrupt Practices Act of 1977 ('FCPA'), review the literature surrounding its shortcomings and efficiencies and generate a cumulative assessment on the FCPA's efficacy in meeting its intended objectives. First, the FCPA is explored both in purpose and in scope to understand what its primary objectives are, how it intended to address these objectives and significant amendments that occurred (including the OECD). Next, a comprehensive literature review of the opponents and proponents of the FCPA are conducted to discern the principal concerns and activities that warrant inadequacies and successes. Throughout the literature review there are interpretations and analysis based on the previously published scholarly reviews. Finally, brief contemporary quantitative and qualitative data are applied to the problems and solutions identified in the literature review to assess the FPCA's current standing. The research report summarises the derived assertions of the FCPA's efficacy based on the findings from current published literature. It concludes with a brief speculation on future potentials based on the historical findings.

Keywords: FCPA; Foreign Corrupt Practices Act; corruption; USA; United States; future potential; OECD convention; bribery; efficacy; inefficiencies.

DOI: 10.1504/IJEA.2015.068975

International Journal of Economics and Accounting, 2015 Vol.6 No.1, pp.33 - 49

Received: 08 May 2021
Accepted: 12 May 2021

Published online: 23 Apr 2015 *

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