Steve Chapman on Wal-Mart and the U.S. Bribery Ban

Until 1977, there was no country that criminalized the practice of bribery abroad. But that year, President Jimmy Carter signed a law making the United States the very first. In due course, this measure eliminated corruption from every nation where our corporations operate—right after Carter got a tattoo and a Harley. In fact, bribery remains a way of life in much of the world, including rapidly developing countries where American multinationals need to be. These firms often are forced to choose between following age-old local custom in order to compete and obeying U.S. law, writes Steve Chapman, which may leave them high and dry.