White Collar And Corporate Crime Essay

White Collar And Corporate Crime Essay-73
Organized crime aims to establish a monopoly and market control of a given industry or territory.

However, organized crime is so dynamic that it can involve almost any illegal undertaking from street drug peddling, to murders and kidnappings for ransom.

Consequently, corporate crime requires may require exceptional planning and organizational skills as well as extensive networks of participants, and this is what enables organized crime mobs to be versatile and dynamic in their activities (Kirby & Penna, 2010, p.

Corporate crime is a form of fraud that is closely related to “white-collar crime,” which takes place in business organizations and other corporate institutions such as banks, manufacturing industries, and non-governmental organizations.

Unlike organized crime which may involve illegal street activities such as kidnappings and cross-border operations like drug trafficking, corporate crime involves “clean jobs” like manipulation of accounting records by finance officers, insider trading, misappropriation of funds, tax evasion, etc.

For instance, the trafficking of drugs from Mexico and Colombia into the U. has been a persistent problem despite efforts by the U. More often, they both have access to unlimited financial resources, which help them to hire the best legal services to challenge any charges against them.

Moreover, corporate and organized crime thrive because they sometimes buy political connections by funding election campaigns of favorite candidates.195) Additionally, informal hierarchies exist in organized crime, whereby members, usually family members, occupy ranks that determine their duties.Mafias, such as the Sicilian Nosa Costra in Italy are the perfect example of organized crime.Another point of similarity between corporate and organized crime is on the source of capital for some corporate organizations.In certain circumstances, whereby perpetrators of organized crime may need to “clean” ill-gotten wealth, such as drug trafficking money, they may set up legitimate corporations for the purpose of money laundering.Thus, the two forms of crime (white-collar and corporate) overlap each other because they all happen within similar environments, in which the incentives are high for an individual or group of individuals to engage in bribery, money laundering, insider trading, forgery, and embezzlement.As in organized crime, the market is similar in both cases, since “the same market forces and factors that apply to legitimate (corporate) business markets are also mirrored in crime markets” (Dean, et al., 2010, p. This paper discusses the similarities and differences between corporate and organized crime.Both corporate and organized crime operates at a global level, thereby making it difficult for governments to adequately deal with their illegal activities.Big companies operate as multinationals, which allows them to carry out their activities in several countries.Perhaps the common denominator in both corporate and organized crime is the influence of money as the ultimate goal.As Jeffrey Sachs, Professor of Economics at Columbia University notes in The Global Economy’s Corporate Crime Wave, money talks, and it is the vice that corrupts politics and markets around the world.


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