Novel corrosion inhibiting compositions comprising a combination of amino thiol or amino disulfide compounds with acidic amino acid polymers inhibit carbon dioxide induced corrosion of ferrous metals in aqueous systems. Particularly effective inhibitor compositions are the natural amino acids cysteine and cystine and their decarboxylated analogues cysteamine and cystamine in combination with polyaspartic acid. The inhibitor compositions are particularly useful for preventing corrosion and scale formation in oil production applications.