White Collar Crime
Question 1: How do consumer fraud, false advertising, and price fixing exemplify the definition of white collar crime?
What is white collar crime? White collar crime is defined as illegal or unethical acts that violate creditable responsibility of public trust committed by an individual or organization, usually during the course of legitimate occupational activity, and by persons of high or respectable social status for personal or organizational gain. The term is widely used by criminologist and sociologists alike, incorporating a mass of non-violent behaviors related to economic fraud.
In some instances, many acts innovated by perpetrators are not only criminal, but rather unethical. Although there is deviant or criminal intent involved, …show more content…
Oil is a commodity that is in popular demand by a vast majority of society. this is mainly due to the fact that the choice of using a subsitute good is impossible. since crude oil is naturally, it is safe to say that there is a finite amount of oil in the world. With that in mind, an oil company can raise the price of oil due to their claim in scarcity. as many may know, as quantity demanded rises, the supply will reduce, thus causing a rise in price. An oil companies using this to their knowledge, have been known to set prices in effort to gain more from buyers, who are obligated to consume their oil. this also affects small businesses that are involved in the gas station business but not included in price fixing schemes in effort to force them out of business. the stress this puts on the economy by its entirety makes it ironic, since the rich will get richer, only taking money out of the lower classes pockets leading them to commiting acts of violent crimes. one can argue that the punishments imposed on the poor are far more harsh and long term affecting than penalties imposed on the rich. In recent cases, the goverment usually seems to be more satisfied with taking large amounts of money in the form of penalties from such unethical companies than put them behind bars; this is merely an act of poetic justice. Price fixing is not only present with oil companies but in other industries as well. such industries include pharmeceutical companies, and electronic companies. not only do they exemplify the many branches of white collar crimes, but tend to get away with them matching their law breaking conspiracies with unethical cover ups and
What is white collar crime? White collar crime is defined as illegal or unethical acts that violate creditable responsibility of public trust committed by an individual or organization, usually during the course of legitimate occupational activity, and by persons of high or respectable social status for personal or organizational gain. The term is widely used by criminologist and sociologists alike, incorporating a mass of non-violent behaviors related to economic fraud.
In some instances, many acts innovated by perpetrators are not only criminal, but rather unethical. Although there is deviant or criminal intent involved, …show more content…
Oil is a commodity that is in popular demand by a vast majority of society. this is mainly due to the fact that the choice of using a subsitute good is impossible. since crude oil is naturally, it is safe to say that there is a finite amount of oil in the world. With that in mind, an oil company can raise the price of oil due to their claim in scarcity. as many may know, as quantity demanded rises, the supply will reduce, thus causing a rise in price. An oil companies using this to their knowledge, have been known to set prices in effort to gain more from buyers, who are obligated to consume their oil. this also affects small businesses that are involved in the gas station business but not included in price fixing schemes in effort to force them out of business. the stress this puts on the economy by its entirety makes it ironic, since the rich will get richer, only taking money out of the lower classes pockets leading them to commiting acts of violent crimes. one can argue that the punishments imposed on the poor are far more harsh and long term affecting than penalties imposed on the rich. In recent cases, the goverment usually seems to be more satisfied with taking large amounts of money in the form of penalties from such unethical companies than put them behind bars; this is merely an act of poetic justice. Price fixing is not only present with oil companies but in other industries as well. such industries include pharmeceutical companies, and electronic companies. not only do they exemplify the many branches of white collar crimes, but tend to get away with them matching their law breaking conspiracies with unethical cover ups and