Final answer:
White-collar crime or corporate fraud refers to the illegal and unethical actions of corporate elites, including but not limited to embezzlement, and insider trading. Historical examples include the Gilded Age's corruption and the financial crisis of 2007-2008, demonstrating the importance of corporate governance and the influence of wealth in politics.
Step-by-step explanation:
The illegal and unethical activities of corporate and financial institution elites is often referred to as white-collar crime or corporate fraud. These activities can involve a wide range of actions, such as embezzlement, insider trading, and the manipulation of financial markets, among others. The term encapsulates activities that are not only illegal but also go against ethical business practices and can have severe negative impacts on the economy and society.
The concern over these activities is not new, as evidenced by historical events such as the Gilded Age, marked by corporate domination and corruption, as well as the more recent financial crisis of 2007-2008, highlighting the failures in corporate governance and the lack of effective oversight over top executives.
During turbulent economic times, issues of transnational organized crime (TOC) and the undue influence of the wealthy in politics through lobbying and campaign contributions often come to the forefront of public discourse.
The debate on how to regulate and oversee corporations to prevent these types of crimes is ongoing, with some advocates pushing for stricter regulations and better enforcement, while others call for more market freedom and less government intervention. The balance between these perspectives is crucial in ensuring a stable and ethical financial system.