Area of Discussion 2: Types of White-Collar Crime. White Collar Crime is a broad term that overlooks many types of non-violent criminal offences; it is associated with acts of dishonesty, manipulation and negligence. It usually involves fraud and illegal financial transactions that occur within a company by unreliable employees.
Street crime is a loose term for any criminal offense in a public place. The difference between street crime and white-collar crime is that street crime is often violence that occurs in a public area whereas white-collar crime is non-violent crime conducted by governments or private industries in order to gain financial stability.
White-collar crimes are sometimes considered to be victimless crimes and, therefore, don't generate as much concern as street crime. However, white-collar crimes do indeed produce victims.
The main reason of increasing street crime in Pakistan is unemployment. The current unemployment rate in Pakistan is 5.90 which is higher as compared to the 4.0% in the US and the UK. Although the unemployment rate has dropped significantly from 7.6 in 2005 to 5.90 in 2019 it is still a big social issue and the cause of increasing street crime.
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Corporate crime inflicts far more damage on society than all street crime combined. Whether if it’s contributed by injuries, death, or financial lost, corporate crime and violence wins by landslide. The FBI reported that burglary and robbery from street crimes cost the nation an estimate of 3.8 billion a year.
White-collar crime is considered to be a highly serious form of crime in the United States, next in significance only to face-to-face violence. According to the U.S. Bureau of Justice Statistics (Barnett, 2000), it is estimated that in terms of financial loss, white-collar crime impacts the public more adversely than all other forms of crime combined.