An exploration of extortion

Denis Osborne

Journal of Financial Crime, 2013, vol. 20, issue 2, 163-185

Abstract: Purpose - The purpose of this paper is to distinguish between bribes demanded (extortion) and bribes offered (enticement); to indicate the causes of extortion and its consequences; and to suggest action by different groups to help reduce it. Design/methodology/approach - The paper takes the form of an examination of reported extortion as miniature case studies and histories, leading to suggested actions to reduce it. Findings - Extortion occurs when there are perceived opportunities to do so without penalty. It hurts the poor more than the rich, denying them justice and fair treatment and, with technology giving more power to the poor, it brings increasing risks of political instability as well as general damage to society and the economy. But extortion is more vulnerable to investigation and prevention than collusive bribery. Action to reduce it can be effective and recommendations for action are made for different groups. Research limitations/implications - More study is needed at municipal as well as national level, and by corporations, of the incidence of extortion and efforts to reduce it. Practical implications - Better recognition of the differences between extortion and other types of economic crime, and consequent recommendations for action, should help reduce it and bring benefits. Social implications - Attention drawn to the risks of injustice and unfair treatment especially to the poor brought by extortion. Governments and corporations alerted to these. Actions suggested to reduce extortion. Originality/value - The paper clarifies the character of extortion, the risks it brings and opportunities for its reduction and recommended actions to bring that about.

Keywords: Bribery; Extortion; Coercion; Collusion; Consequences; Action; Case studies (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:13590791311322355

DOI: 10.1108/13590791311322355

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