Aye, I've never noticed a corruption-reducing effect for building schools (although this may also be due to never having trouble with corruption in those cities where I build schools!).
As for dealing with corruption; it is sometimes more favourable to spend six turns "building" a town/city guard (or even better, improved roads or baths) than an equivalent or greater length of time building something that might only boost trade income by a handful of mnai per turn.
...of course, mines are by far the greatest individual buildings for boosting income, but require large investments of time and money (and soldiers, if your mine-able regions share borders with other factions).
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