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Impact of White-Collar Crime

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Impact of White-Collar Crime

White-collar crime differs from street crime in many ways. One of these differences concerns victims. (Keep in mind that the victim of a white-collar crime can be a person, a business, or even the general community). By understanding the characteristics of the victims, we can better understand how white-collar crime is committed and how we can defend against it.

For this assignment, prepare a 4- to 5-page report in Microsoft Word that examines the victims of white-collar crime. Your report should cover these points:
•Discuss the impact of white-collar and economic crime on individuals, businesses, and the community in general.
•Explain why it is so difficult to measure the extent of white-collar crime. (One reason is that many white-collar crimes go unreported-discuss why this is so).
•Describe the kinds of economic crimes that affect the whole country. Give an example and show how it affects everyone.
•Often, a crime victim does something to make the crime easier to commit. This is known as "victim facilitation." In what ways might victims of white-collar crime be facilitating the crime? (Consider individual victims as well as businesses.)
•Are there certain groups of people who are more likely than others to become victims of some of these crimes?
•Describe some ways that citizens can help protect themselves against white-collar crime.

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Solution Summary

The impact of White-Collar Crime is examined.

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•Discuss the impact of white-collar and economic crime on individuals, businesses, and the community in general.

The impact that white collar and financial crimes has on society is immense and large as these crimes are responsible for millions or even billions of dollars in revenue that could be used for the betterment of society. When corporations use tax havens to shirk their tax responsibilities, this detracts away from applying these funds toward much needed infrastructure repairs in the country where the business is supposed to pay taxes. In addition, programs that could assist poor citizens as well as other initiatives are deprived when these types of crimes occur. The 2008 Great Recession that almost decimated the entire global economy was a result of massive white collar and economic crime that was facilitated by illegal practices conducted by banks, mortgage brokers, and Wall Street in general.

White collar and economic crimes have resulted in consumers being harmed as well as deaths. Employees' are endangered when companies engage in white-collar crimes, pollution that impacts the entire environment as well as the overall health of entire populations occurs as a result of white collar crime, and dangerous products that should not be on the market enter the market for public consumption as a result of white collar crime. In addition, white collar and economic crimes are often committed by those in positions of power, which erodes the confidence that citizens have in their governments when these crimes are committed by or enabled as a result of government ineptitude and complicity.

https://www.ncjrs.gov/App/publications/abstract.aspx?ID=77821

•Explain why it is so difficult to measure the extent of white-collar crime. (One reason is that many white-collar ...

Solution provided by:
Raushaun Rigsby, MSc
Education
  • Associates of Arts , Lone Star Community College
  • Bachelor of Science , Sam Houston State University
  • Masters of Science, Kaplan University
  • Masters of Science , Kaplan University
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