Final answer:
White-collar crime typically involves nonviolent acts in a professional setting such as corporate crime and financial frauds, differing from 'street/common' crime in its methods and impact. Conflict theory and control theory offer perspectives on why such crimes occur and how society may respond.
Step-by-step explanation:
The two types of white-collar crime discussed are corporate crime, such as embezzlement, insider trading, and identity theft, and financial frauds like insurance scams, Ponzi schemes, and questionable banking practices. White-collar crime differs from other types of crime/deviance, often referred to as 'street/common' crime, because it typically involves nonviolent action within a business context and is committed by individuals in a professional setting. Unlike the more visible street crimes, white-collar crimes do not result in direct physical harm to persons but can lead to significant financial damage or loss to a large number of people.
According to conflict theory, deviance and crime in society are understood as a result of social and economic inequalities that influence and shape individual behaviors. Control theory suggests that deviance arises due to weakened social bonds and disconnection from society. This theoretical framework can be used to analyze the actions of a recently arrested famous individual and explain their potential punishment upon conviction.