Overview of the Social Costs of White-Collar Crime

How much white collar crime actually exists in the society is determined by the organizational resources available to uncover, investigate, and prosecute it, and more generally, enforce what most experts already regard as inadequate laws aimed at its control. Increase rates of white-collar crime produced social costs that is rooted from individual professional employees which is later on promulgated to the rest of the organization and the society as a whole (Rosoff, Pontell, & Tillman 136-137). Social costs can be classified on either monetary or non-monetary level.

Financial loss will surely impact those inside and outside the organization. In addition it can also be viewed that social costs of white collar crime may also be related with the economic costs (Rosoff, Pontell, & Tillman 95). It causes devastation to the entire community as compare to lone bank robbery victim. The impact last for many years since it is not only the money being stolen from the company but company services as well (Salinger 177).

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Victims are affected even for their entire life because they are deprived of their lifetime savings.

Identity theft causes victims to be ridiculed by other people because they are misjudged for having criminal records and huge bank credit statements which they did not purchased. Thefts on the other hand commits something that violates not only the law but trust from other people as well. White collar crime damages social relationship. It loosens the morale of people and leads to ample disorganization (Salinger 190). A common white collar crime is tax evasion, which has a very specific effect: taxes are hiked for the poor, to cover for the costs that companies won't cover.

Increased economic hardship for the average citizen and consumer (Rosoff, Pontell, & Tillman 136-137). Crime increases the cost of doing business, and any such increase in business costs is ultimately passed on to the consumer through increased prices and decreased services. Social workers party are also formed as a sign of rebellion to unjust regulations within the company which results to more complex development in businesses (Rosoff, Pontell, & Tillman 252). Deliberately inadequate services and deficient products incur costs.

Injury, illness, disability, and death with their attendant psychological suffering are all too common by-products of certain types of white collar crime. This service quality greatly affects the work efficiency of people since manpower is decreasing and may lead to worker's death (Rosoff, Pontell, & Tillman 136-137). Totality of white collar crime results various social costs. Because workers are underpaid, has no/low insurance and are underprivileged, it has a domino effect that is passed on to other people until it consumes the whole society.