What affects an economy is an endless number of things, but an interesting topic that we decided to do is how gambling and the Mafia affect the economy. The Mafia or otherwise know as organized crime is a society that seeks to operate outside the control of the American people and their governments. Its actions are not impulsive but rather the result of intricate conspiracies carried on over many years and aimed at gaining control over fields of activity in order to earn large profits. Just to give you a little better look into the Mafia we have provided some mobster vocabulary.
To whack, is to kill someone, the commission, they are the ruling body of the US Mafia, omerta, is an oath of loyalty, la Cosa Nostra, is a tradition of organized crime, and a street tax is a fee imposed by the mob for breaking the law.
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The way the Mafia affects the economy is generally the Mafia tries to gain control of a particular part of a market. This is bad for the market because it will end up creating monopolies and will prevent other firms to enter the market, which could also lead to price gouging. A lot of the Mafia “families” also sells drugs and other illegal goods.
This is also bad because it brings drugs into the country. Another Mafia business is “street taxes,” the fees imposed on the people for breaking their rules. These taxes, if they are not paid can result in murder and or severe beating. This is obviously not good because no one wants to pay money to save a beating, and it also takes money from the economy. But this is also a pretty inelastic thing because of course, you’re going to pay anything to keep yourself from getting beaten.
Gambling and the Mafia are related because illegal gambling is one of the Mafia’s largest industries. Illegal Gambling is any gambling in violation of state law. It is an operation involving five or more people to run. Illegal Gambling is also a project in operation more than thirty days a year or it produces revenue of more than 2,000 dollars a day.
Gambling is a transaction that is based on one party’s gain, and another party’s loss. The positive effects of gambling are, some businesses claim that casinos have brought more business to them. They are the minority when it comes to the subject, but they have had increased business. Most of the businesses positively affected have been restaurants and tourist type establishments and are happy to have the casinos. When the casinos opened up they said they would guarantee an increase in business. While some did experience an increase in business, most did not.
The negative effects of gambling are the majority of businesses in the United States claim that they have experienced negative growth of their businesses. They were not, in most cases, tourist type businesses. The business suffered due to the loss of discretionary dollars, and the communities experienced social fallout that usually accompanies legalized gambling.
The Mafia and gambling seem to affect the economy in many different ways. What was most present from the information is that they both have a negative effect on the economy and society as a whole, causing social fallout and a loss of revenue towards other businesses.
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