Racketeering involves organized, illegal schemes designed for repeated profit through coercion, fraud, or extortion. Coined in 1927 to describe organized crime's influence within the Teamsters Union, it refers to services that create their own demand. While narrowly defined as coercive business practices, it broadly encompasses any ongoing criminal operation generating recurring profits. The 1970 U.S. RICO Act was established to combat racketeering, particularly targeting the Mafia and other organized crime groups.
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