Essay on "White Collar Crime in Contemporary Society Economic Regulation and Social"

Essay 6 pages (2108 words) Sources: 6

[EXCERPT] . . . .

White Collar Crime in Contemporary Society Economic Regulation and Social Regulation

Social regulations and economic regulations are branches of regulations that govern a society. Both groups of regulations ensure that the policies implemented by a business are in accordance with economic regulations and social regulations. Economic regulations govern the economic aspect of the nation while social regulations govern the social aspect of the nation. White collar-crimes are becoming a menace that threatens the economy of many nations. There are many challenges that the prosecutor faced in prosecuting this type of case. The function of the office of the attorney general is to prosecute cases after ensuring that adequate evidence is collected.

Distinguish between economic regulation and social regulation. What were the original objectives of regulation, and which historical factors have shaped the development of regulation? What are the principal arguments on both sides of the historical debate about regulation?

Regulations are checks that ensure that a system operates within the set parameters. In a society, regulations are divided into social and economic regulations. The two sets groups of regulations maintain order in the society. The government as a measure to control economic matters formulates economic regulations. Every government formulates economic regulations to control economic matters in the nation. Economic matters mainly affect the businesses in the nation. Economic regulations may be imposed on industrial rates, pricing of commodities, transportation routes and services. Introducing economic regulations in a nation ensures that there is a balance the economy. Economic regulations protect the citizens from exploitation and the local industries from unfavorable competition. Economic regulations change regularly to ensure that the economy is stable. The government ensures that cases of inflation and deflation are avoided through the regulations. Economic regulations also ensure that the businesses in the nation promote fair trade practices (Sparrow, 2000).

Social regulations also require government involvement in the control of business decisions concerning quality and safety. The government formulates these regulations to ensure that production standards industry is high. The regulations also ensure that the customers are protected by ensuring that all industries provide safe products. Social regulations ensure that the quality and safety of the products is monitored to maintain high production standards. The government also monitors the conditions under which a product is produced as part of product safety evaluation. Social regulatory bodies as the Customer Product Safety Commission in the United States ensures that the consumer is protected from unsafe products sold in the market. The role of the body is to ensure that the products produced by companies in the United States do not endanger the customer's life. The body achieves this by conducting regular checks to monitor the production processes, and testing of the products to ensure that they meet the set standards.

Regulations were mainly set to ensure that there was control in the field they were set. Regulations were set to ensure that the organizations being governed followed a code that facilitated the unification. Organizations governed were able to maintain integrity through following the regulations set. The regulations were also meant to maintain order in the industry. Maintaining order enabled the regulatory body to track the production practices used by the companies in the nation. The major objective of regulations was to ensure that the final product and the processes used to produce the product were safe for the customers. The regulations were also meant to protect he environment from damage that may arise from the production process. Regulations were also meant to govern the conduct of businesses in the industry. The regulations ensure that the businesses practice safe procedures that will produce healthy products.

Some regulations were set to ensure that the local businesses were protected from competition. These regulations ensure that the organization in the local nation do not collapse from external competition which may affect the pricing of commodities. Regulations have been changing to suit the changes in the production environment. One of the major changes that have influenced the production process is availability of technology. An improvement in technology has allowed businesses to produce faster and improve the quality of their product. The changes to the technology have resulted to an evolution of regulations to ensure that the production process is regulated. An economic event such as gllobalisation has also resulted to a change in the regulations formulated by the government. Protection policies for local businesses having been reduced or scraped facilitate international trade. This means that hefty taxes charged on international companies have been eliminated to attract investors into a nation (Boyes & Melvin, 2008).

Political relationships between nations have also shaped the nature of regulations imposed by a nation. Diplomatic relationships have influenced the interactions between nations with regulations imposed to signify the relationships. Trade bans have been issued by the United States against North Korea due to the diplomatic relations among the countries. The debate on regulations enables regulatory bodies carry out their mandate in an industry. The major debates cover the ability of the regulations to govern businesses in the industry effectively. The regulations set ensure that the organizations in the industry follow production standards. Some companies do not follow the regulations thus questioning the effect of the regulations.

Implementing regulations comes at an additional cost to the company. This cost has caused the profits of some companies to drop significantly questioning the use of regulations on the economy. Reduced productivity of a company in an industry forces businesses to close down causing the job loss. The regulations implemented in the industry have counter effects. Increasing the quality of goods through regulations focusing on quality pushes the prices of products up. In the new era of globalization, increased production cost for small organization has a negative impact on the economy.

Regulations are however mandatory in any industry. Regulations ensure that the products meet the health standards. This ensures that the safety of the consumer is optimized. Regulations ensure that the customer enjoys high quality products. The quality of the products is governed and the customer is aware of the quality of the products in the market. Implementing regulations provide revenue for the government though fines imposed. An organization that fails to abide to the set regulations pays fines that increase the revenue a government generates. Regulatory bodies create employment for the citizens and this contributes to the overall economy of the nation.

2. What principal factors have prevented local prosecutors from pursuing white-collar crime cases? When they do pursue such cases, which factors seem to persuade them to do so? What is the role of state attorney general in the pursuit of white-collar crime cases?

Pursuing white-collar crimes is difficult for the prosecutor who has to prove that the accused is guilty. One of the major challenges facing the prosecutor is the availability of adequate resources by the police department. The police department collects the evidence required to charge the accused. May perpetrators have more resources that the police and are able to hide the evidence. The police department lacks the skilled workforce and the technological resources to obtain information that is needed to prosecute the accused parties. The lack of resources forces the prosecutor to avoid pursuing cases that the attorney generals office will likely lose.

Judicial limitations are another challenge encountered by the prosecutor. The law requires the prosecutor to have sufficient evidence to charge fraudulent practices before issuing an injunction or freezing assets belonging to the accused. Lack of sufficient evidence gives the perpetrator adequate time to flee into a nation where the government has no jurisdiction. The slow speed of extraditing defendants and the cost associated with sending investigators to other countries also serves as a hindrance to the prosecutor. The attorney generals office should be allocated adequate funds to deal with white-collar crimes (Bazley, 2008).

White-collar crimes are leniently handled by the judicial system deterring the prosecutor from wasting many resources and getting a weak sentence. The justice system is overloaded with many cases forcing the lawmakers and judges to issue weak jail terms. The accused normally get warnings or probations compared to other violent offenders. The losses caused by white-collar crimes are usually underestimated. The judicial system only quantifys the amount of money lost by the people rather than the emotional and physiological effect of the crime. Corruption in the judicial system is also a challenge encountered by the prosecution that deters him from pursuing white-collar cases.

The prosecutors have the power to charge an offender for crime committed. In the case of white-collar crime, a prosecutor will pursue a case once the evidence available has been evaluated and legal basis has been established. In the event that the prosecutor is sure that, they have adequate evidence to charge the defendant then the prosecutor will pursue the case. The prosecutor should ensure that his office has adequate material evidence and witnesses to ensure a victory for the office. A prosecutor will not risk pursuing a case that the judge will consider the available evidence weak (Payne, 2012).

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