The Pros And Cons Of White Collar Crime Vs. Street Crime

With the evolution of our economy and technology we have experienced a new wave of crime and it’s not by the low level street criminals you would expect, but high end, tie wearing business men and women. Merriam-Webster defines crime as “an act or the commission of an act that is forbidden or the omission of a duty that is commanded by a public law and that makes the offender liable to punishment by that law” (Merriam-Webster). There are many types of crime but the two this paper will focus on are white collar crime and its comparison to street crime. You won’t find an official definition of street crime, but it’s normally thought of as theft, robbery, car theft, arson, drug dealing, and vandalism. The phrase “white-collar crime” was first

The criminal acts of big banks and mortgage lenders have cost thousands of people to lose their homes over the last several years and it isn’t just the price of the material possessions that should be taken into consideration because the emotional impact is immeasurable. Fraudulent charges increase the cost of Medicare and all taxpayers bear the burden. Polluters who illegally release toxic substances into the air, rivers, lakes, and oceans put millions of lives at risk and increase the instances of diseases that cost lives, not to mention killing wildlife and destroying ecosystems. Businesses put employees at risk by ignoring or skirting safety standards to save a buck. In the last decade, there have been several instances of companies using unethical and illegal practices that in the end cost shareholders and employees their life savings and livelihood. Con men like Barnard Madoff cost investors not only their life savings, but peace of mind as well. White-collar crimes have long-term impacts because it can take years to recoup losses, if ever, and they harm the psyche and cause mistrust and skepticism, which when all is said and done aren’t bad to have in small