The economy of a nation is very much dependent on how social labor, business and governance structure perform. However, there are some instances in which malicious groups or entities induce a certainly level of disgrace by committing variations of economic crimes. An economic crime is an act or ideology which can be considered to be deterrent in maintaining a balance in the overall procedures of a government unit or an institution. Basically, this kind of crime is not identified to be of single condition but largely a result of individual criminal acts.
In this case, economic crime may be considered to be the totality of contributing effects of white-collar crimes, business crimes, management fraud and severe malicious manipulation against government, business and consumer transactions. True enough, white collar-crimes and business and management frauds are on
...the rise and contribute to economic crime (World Wide Learn, 1999). For example, if a white-collar crime is committed by a company executive in the form of corruption, the management and business entity will experience a possible shortfall on financial funding.
This will then affect investment assets, productivity measures and the functioning labor segment. Thus, an economic crime on the very specific domain of the business has been committed. Particularly, the economic stability of the company will be at greater risk. In the aspect of societal frauds, procedures against government operations such as graft and corruption, hoarding, and malicious contracts, it is the delegation of social services to the people which will be affected.
It is very likely that government departments will be halt or delay system operations if policy crimes are to be encountered.
This will then translate to economic crisis which will gradually affect basic social services. If that is the case, then the population affected will contribute to low performing key values for the economy. On the other hand, crimes against business and consumers affect both sides of the equation since the two segments are intertwined in stabilizing the economic pattern of a nation.
If sabotages are to be induced in the business-consumer parameter, then obviously, marketing and commerce will lead to a downward movement of capital flow, which will of course affect the entire Gross Domestic Product rate of the entire economy. Being able to know the factors that may contribute to economic crimes can help a society delay its possible negative effect. To combat this dreadful scenario, institutions as well as individuals should target to maintain a high degree of performance from the lowest levels of possible criminal parameters.
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