Evaluating the Cost of White-Collar Crime: Perspectives, Views, and Uncommon Forms of Victimization. Van Slyke, Benson & Cullen, Chapters 4 and 5 (2 chapters) · Johnston, Chapters 2 and 3 Please follow the Discussion guidelines (Syllabus pages 5-6) to discuss the following questions. 1. Please post one question that you found most intriguing, important, puzzling, infuriating, contrary to what you thought before, etc. about the assigned reading.

QUESTION

Readings
· Week 2 Introduction
· Van Slyke, Benson & Cullen, Chapters 4 and 5 (2 chapters)
· Johnston, Chapters 2 and 3

Please follow the Discussion guidelines (Syllabus pages 5-6) to discuss the following questions.

1. Please post one question that you found most intriguing, important, puzzling, infuriating, contrary to what you thought before, etc. about the assigned reading. You should give a brief idea of yours in the same post. (10 points for this part, the rest of 20 points are for the following parts that you should answer them and make comments on your classmates’ posts)

2. From the individual (micro) and society (macro) point of view, what different views you have learned on the evaluation of the cost of white-collar crime?

3. Please give an example that is the MOST UNCOMMON type of victimization of white-collar that you can think of. Also, please explain to the class why wouldn’t we think of that victimization if not reminded

ANSWER

Evaluating the Cost of White-Collar Crime: Perspectives, Views, and Uncommon Forms of Victimization.

One question that I found intriguing in the assigned reading is: From the individual (micro) and society (macro) point of view, what different views have I learned on the evaluation of the cost of white-collar crime?

From an individual perspective, the evaluation of the cost of white-collar crime often focuses on the direct financial impact on the victims. This includes monetary losses, damages to personal and professional reputation, and the psychological toll on the individuals affected. From this viewpoint, the cost is primarily measured in terms of financial and emotional harm suffered by the victims.

On the other hand, from a societal perspective, the evaluation of the cost of white-collar crime takes into account the broader impact on the economy, public trust, and social welfare. White-collar crimes can have far-reaching consequences, affecting not only individual victims but also businesses, communities, and even entire countries. The economic costs can include loss of jobs, diminished consumer confidence, erosion of trust in institutions, and increased regulatory burdens. The societal cost also encompasses the strain on public resources, such as law enforcement and judicial systems, as well as the erosion of social cohesion.

The different views on the evaluation of the cost of white-collar crime highlight the complex nature of these offenses. While the individual perspective emphasizes the immediate and direct impact on victims, the societal perspective recognizes the broader implications that extend beyond individual experiences. Both perspectives are important in understanding the multifaceted nature of white-collar crime and in formulating effective prevention and intervention strategies.

Regarding the most uncommon type of victimization of white-collar crime, one example that comes to mind is the victimization of employees within the organization committing the white-collar crime. This can occur when employees unknowingly participate in fraudulent schemes or when they become whistleblowers and face retaliation from their employers.

This type of victimization may not come to mind readily because it challenges the traditional notion of victims as solely external individuals or entities harmed by white-collar criminals. In these cases, employees may find themselves caught up in illegal activities due to coercion, fear, or lack of awareness. They may suffer financial losses, damage to their careers, and emotional distress as a result. Conversely, employees who choose to speak out against wrongdoing within their organizations may face professional consequences and even personal threats.

The reason we may not initially think of this uncommon type of victimization is that public discourse and media often focus on the harm inflicted on external victims, such as consumers, investors, or shareholders. The victimization of employees within the organization committing white-collar crimes is often overlooked or overshadowed by the larger scope of the offenses. However, acknowledging and addressing this form of victimization is crucial for promoting a comprehensive understanding of the impact of white-collar crime and ensuring the protection of all individuals involved.

In conclusion, the evaluation of the cost of white-collar crime involves considering both individual and societal perspectives. While the individual viewpoint emphasizes the direct impact on victims, the societal perspective recognizes the broader consequences for the economy and social fabric. Additionally, the most uncommon type of victimization of white-collar crime includes the victimization of employees within the organization, which may be overlooked due to the focus on external victims. Understanding these different perspectives and uncommon forms of victimization is essential for developing comprehensive strategies to prevent and address white-collar crime.

2.

One question that I found intriguing from the assigned readings is: How does the perception of punishment influence individuals’ decision-making regarding white-collar crime?

The idea of punishment as a deterrent to crime is often discussed in the context of traditional street crime. However, the readings shed light on the importance of understanding the role of punishment in the context of white-collar crime. It made me question whether individuals engaging in white-collar offenses are influenced by the perceived likelihood and severity of punishment in the same way as individuals involved in street crime.

From the individual (micro) point of view, the evaluation of the cost of white-collar crime can vary. Some individuals may perceive the potential gains from engaging in white-collar offenses, such as financial benefits or career advancement, to outweigh the potential risks of punishment. They might engage in cost-benefit analyses and rationalize their actions based on the potential rewards, believing they can avoid detection or receive lenient penalties if caught.

On the other hand, from a societal (macro) perspective, the evaluation of the cost of white-collar crime encompasses the broader impact on the economy, public trust, and social well-being. The harm caused by white-collar crimes can be significant, leading to financial losses for individuals and organizations, erosion of trust in institutions, and negative societal consequences. The evaluation from a societal viewpoint also considers the cost of investigating and prosecuting these crimes, as well as the resources required for prevention and regulation.

An example of the most uncommon type of victimization in white-collar crime is the victimization of the general public through the manipulation of financial markets. This can occur when individuals or organizations engage in fraudulent activities, such as insider trading or market manipulation, which distort market prices and unfairly impact investors.

We might not think of this victimization readily because it is often complex and indirect. Unlike cases where individuals or organizations are directly defrauded, such as Ponzi schemes or embezzlement, the victimization of the general public through market manipulation is less visible and may not be immediately apparent to individual investors. The impact is spread across a wide range of participants in the financial markets, and the consequences may not be readily attributable to specific actions or individuals.

Furthermore, the complexities of financial markets and the technical aspects of market manipulation can make it challenging for the general public to understand and identify these forms of victimization without reminders or specific knowledge in the field.

In conclusion, the evaluation of the cost of white-collar crime involves considering different views from the individual and societal perspectives. Individuals may weigh the potential gains against the risks of punishment, while society evaluates the broader economic and social consequences. The uncommon type of victimization through market manipulation highlights the indirect impact on the general public, which may not be immediately recognized or thought of without specific awareness or reminders. Understanding these different perspectives and forms of victimization is crucial for addressing white-collar crime effectively and protecting the interests of individuals and society as a whole.