Corruption is the abuse of power or position for personal gain. There are many forms of corruption, including bribery, embezzlement, and extortion.
For example, a purchasing agent for a company might take a bribe from a supplier. In return, the purchasing agent will pay more than the usual price for the goods. The supplier and the agent pocket the extra money at the expense of the company.
Or, for instance, in the case of political corruption, government officials might use their positions to extort payments from a company that the government regulates.
Indeed, economic corruption impedes growth. And political corruption undermines good governance. Unfortunately, both forms of corruption are still widespread across the world.