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The Profiteers: How Business Privatizes Profits and Socializes Costs
An exposé of how society pays for corporations' "free lunch" and the cost of environmental damage, low wages, systemic discrimination, and cheap goods.
In an age when business leaders solemnly profess dedication to principles of environmental and social justice, Christopher Marquis’s provocative investigation into the real costs of doing business reveals the way that leaders of the corporate world gaslight to evade responsibilities by privatizing profits and socializing costs. “Who pays?” for the resulting climate and environmental damage, racism, low wages, and cheap the average citizen and the taxpayer.
By bringing to light ideas that today are on the fringe but rapidly making their way into the mainstream, Marquis outlines a new regenerative paradigm for business in society. He tells of a group of pioneers trying to not just reform but transform the way business is conducted all over the world. By taking novel actions to reimagine business operations in responsible ways, minimize their negative impacts, and create new ways for business to properly absorb their hidden costs, these leaders provide blueprints to move the needle on vexing social and environmental issues.
What’s in it for leaders of the corporate world? The model of reform presented provides clear guidance on how to get ahead of the curve as an emerging economic order is formed. No business can lead from the front if it is morally-backward looking. History has shown time and again that those who get out in front of emerging changes in our social and environmental landscape protect themselves from inevitable eclipse.
In an age when business leaders solemnly profess dedication to principles of environmental and social justice, Christopher Marquis’s provocative investigation into the real costs of doing business reveals the way that leaders of the corporate world gaslight to evade responsibilities by privatizing profits and socializing costs. “Who pays?” for the resulting climate and environmental damage, racism, low wages, and cheap the average citizen and the taxpayer.
By bringing to light ideas that today are on the fringe but rapidly making their way into the mainstream, Marquis outlines a new regenerative paradigm for business in society. He tells of a group of pioneers trying to not just reform but transform the way business is conducted all over the world. By taking novel actions to reimagine business operations in responsible ways, minimize their negative impacts, and create new ways for business to properly absorb their hidden costs, these leaders provide blueprints to move the needle on vexing social and environmental issues.
What’s in it for leaders of the corporate world? The model of reform presented provides clear guidance on how to get ahead of the curve as an emerging economic order is formed. No business can lead from the front if it is morally-backward looking. History has shown time and again that those who get out in front of emerging changes in our social and environmental landscape protect themselves from inevitable eclipse.
352 pages, Hardcover
First published May 14, 2024
25 people are currently reading
421 people want to read
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Displaying 1 - 8 of 8 reviews
September 27, 2024
Marquis is definitely preaching to this choir - I am here for this book. I do believe there is much more that could have been said about the socialization of costs - breaking down the Great Recession and CEO massive payouts in a short chapter would have gone far. The socialization of bad business practices/private profit could have been hit harder, but I do like the direction Marquis went in and recommend this book.
June 28, 2024
Right a book
This entire review has been hidden because of spoilers.
January 2, 2025
The Profiteers by Christopher Marquis – A Must-Read Call for Systemic Change, if you want to read more, I wrote an article about the book on Medium: https://medium.com/@adamlantz/who-rea...
In The Profiteers, Christopher Marquis delivers a sharp, thought-provoking critique of our global economic systems, corporate accountability, and the deep inequalities exacerbated by unchecked capitalism. Far from advocating for an outright overthrow of our current systems, Marquis instead offers actionable solutions and incisive observations about the flaws embedded in our economic and legal frameworks.
Marquis explores the environmental, social, and governance (ESG) movement, not as a business advantage but as a moral imperative. He challenges readers to ask critical questions: Who bears the costs when companies ignore ESG principles? What are the societal and environmental consequences of prioritizing short-term profits over long-term responsibility?
Drawing on insights from historian Gary Gerstle, Marquis examines the historical roots of corporate power and its role in widening social divides. Legal precedents, such as Revlon (1986) and eBay v. Craigslist (2010), are highlighted as cornerstones of shareholder value supremacy, perpetuating unsustainable economic models.
Marquis also dismantles the myth of trickle-down economics with sharp clarity. Drawing on Thomas Piketty's research, he demonstrates how wealth concentration fortifies existing power structures rather than fostering broader prosperity. Climate change, too, emerges as a recurring theme, with Marquis spotlighting how the wealthiest 1% disproportionately drive carbon emissions while the Global South shoulders the brunt of the damage.
Perhaps one of the most striking sections critiques the ESG industry itself, exposing it as a flawed system often more focused on corporate image than meaningful change. Marquis challenges readers to move beyond surface-level metrics and ask deeper questions about corporate harm and accountability.
The Profiteers is not just a book—it’s a call to action. Marquis balances rigorous analysis with moral urgency, making this essential reading for anyone seeking to understand—and change—the systems shaping our world. Highly recommended for readers of economic policy, environmental advocacy, and corporate governance.
In The Profiteers, Christopher Marquis delivers a sharp, thought-provoking critique of our global economic systems, corporate accountability, and the deep inequalities exacerbated by unchecked capitalism. Far from advocating for an outright overthrow of our current systems, Marquis instead offers actionable solutions and incisive observations about the flaws embedded in our economic and legal frameworks.
Marquis explores the environmental, social, and governance (ESG) movement, not as a business advantage but as a moral imperative. He challenges readers to ask critical questions: Who bears the costs when companies ignore ESG principles? What are the societal and environmental consequences of prioritizing short-term profits over long-term responsibility?
Drawing on insights from historian Gary Gerstle, Marquis examines the historical roots of corporate power and its role in widening social divides. Legal precedents, such as Revlon (1986) and eBay v. Craigslist (2010), are highlighted as cornerstones of shareholder value supremacy, perpetuating unsustainable economic models.
Marquis also dismantles the myth of trickle-down economics with sharp clarity. Drawing on Thomas Piketty's research, he demonstrates how wealth concentration fortifies existing power structures rather than fostering broader prosperity. Climate change, too, emerges as a recurring theme, with Marquis spotlighting how the wealthiest 1% disproportionately drive carbon emissions while the Global South shoulders the brunt of the damage.
Perhaps one of the most striking sections critiques the ESG industry itself, exposing it as a flawed system often more focused on corporate image than meaningful change. Marquis challenges readers to move beyond surface-level metrics and ask deeper questions about corporate harm and accountability.
The Profiteers is not just a book—it’s a call to action. Marquis balances rigorous analysis with moral urgency, making this essential reading for anyone seeking to understand—and change—the systems shaping our world. Highly recommended for readers of economic policy, environmental advocacy, and corporate governance.
November 10, 2024
The Profiteers: How Business Privatizes Profits and Socializes Costs by Christopher Marquis
In The Profiteers, Christopher Marquis delivers a sharp and incisive critique of the modern corporate landscape, shining a spotlight on the systemic inequities that allow businesses to thrive by offloading their costs onto society while reaping private profits. It’s an exploration that dives into the mechanics of how businesses, particularly large corporations, have come to exert enormous influence over policy, economics, and social welfare. With a combination of case studies, historical context, and detailed analysis, The Profiteers stands as a powerful examination of the financial and ethical costs of unchecked capitalism in today’s world.
A Dual-Edged Sword of Corporate Power
Marquis, a professor of business administration and a leading scholar on corporate social responsibility, takes on the classic narrative that businesses are the engine of economic prosperity. Instead, he presents the argument that corporations have evolved into entities that thrive not by creating value but by minimizing their own financial risks and shifting the negative externalities onto public infrastructure, taxpayers, workers, and the environment. In a highly readable yet thoroughly researched manner, he unpacks how corporate power dynamics work to externalize costs—whether it's through environmental degradation, political lobbying, or the privatization of public goods.
One of the key strengths of The Profiteers is its ability to show, rather than merely tell, how these practices operate. Through examples like the 2008 financial crisis and the practices of fossil fuel industries, Marquis walks readers through the disturbing ways in which businesses can socialize costs—through bailouts, tax loopholes, and environmental degradation—while the profits remain largely private. These vivid examples create a compelling narrative, forcing readers to rethink the seemingly benign or even beneficial role that large corporations claim to play in society.
A Complex Web of Corporate Strategy and Social Inequality
Marquis dissects the various methods companies use to sidestep responsibility, often with the complicity of governments, regulators, and the media. His analysis of corporate strategies such as "regulatory capture" and "cost externalization" reveals how corporations manipulate systems to escape accountability. For instance, rather than shouldering the environmental costs of their operations, companies frequently push these costs onto local communities, workers, or the public, leading to long-term ecological damage that disproportionately affects marginalized groups.
The book is a powerful critique of the neoliberal economic order, where government policies, instead of serving the public interest, often become tools of corporate interests. Marquis explores how lobbying, campaign donations, and revolving-door politics between business leaders and politicians have created an environment where policies are designed to benefit corporations at the expense of ordinary citizens. This trend, as Marquis argues, has deepened economic inequality and weakened the public infrastructure that serves as a foundation for society.
A Call for Accountability and Reform
While The Profiteers can be bleak in its portrayal of corporate power, it also serves as a clarion call for change. Marquis does not simply decry the state of affairs; he advocates for more transparency, better corporate governance, and stronger regulatory frameworks to hold businesses accountable. By highlighting the consequences of unchecked corporate behavior, he urges readers to reconsider the role of businesses in society—not as benevolent job creators, but as actors that must be held to the same ethical and financial standards as everyone else.
A particularly thought-provoking section of the book addresses the role of consumers in this cycle. Marquis examines the power of consumer movements, divestment campaigns, and corporate social responsibility initiatives as potential tools for pushing back against the status quo. He suggests that while individual action can seem insignificant in the face of massive corporate power, collective action—driven by informed consumers and shareholders—has the potential to enact real change.
Conclusion: A Necessary and Timely Contribution
The Profiteers is a thought-provoking and timely book that should be required reading for anyone concerned with the intersection of business, politics, and social justice. While its critique is rigorous and its subject matter complex, Marquis’ clear writing and accessible approach ensure that the book is both informative and engaging. In a time when corporate influence continues to shape policy decisions at every level of society, The Profiteers provides an essential framework for understanding how businesses, often under the guise of efficiency and innovation, profit at the public’s expense.
This book doesn’t just challenge the prevailing narratives around corporate capitalism—it offers a roadmap for rethinking how our economy functions and how we, as citizens, can demand a fairer system. In doing so, it succeeds in its mission to make us more conscious of the true cost of corporate profits, and, ultimately, to inspire action towards a more just and accountable economic system.
In The Profiteers, Christopher Marquis delivers a sharp and incisive critique of the modern corporate landscape, shining a spotlight on the systemic inequities that allow businesses to thrive by offloading their costs onto society while reaping private profits. It’s an exploration that dives into the mechanics of how businesses, particularly large corporations, have come to exert enormous influence over policy, economics, and social welfare. With a combination of case studies, historical context, and detailed analysis, The Profiteers stands as a powerful examination of the financial and ethical costs of unchecked capitalism in today’s world.
A Dual-Edged Sword of Corporate Power
Marquis, a professor of business administration and a leading scholar on corporate social responsibility, takes on the classic narrative that businesses are the engine of economic prosperity. Instead, he presents the argument that corporations have evolved into entities that thrive not by creating value but by minimizing their own financial risks and shifting the negative externalities onto public infrastructure, taxpayers, workers, and the environment. In a highly readable yet thoroughly researched manner, he unpacks how corporate power dynamics work to externalize costs—whether it's through environmental degradation, political lobbying, or the privatization of public goods.
One of the key strengths of The Profiteers is its ability to show, rather than merely tell, how these practices operate. Through examples like the 2008 financial crisis and the practices of fossil fuel industries, Marquis walks readers through the disturbing ways in which businesses can socialize costs—through bailouts, tax loopholes, and environmental degradation—while the profits remain largely private. These vivid examples create a compelling narrative, forcing readers to rethink the seemingly benign or even beneficial role that large corporations claim to play in society.
A Complex Web of Corporate Strategy and Social Inequality
Marquis dissects the various methods companies use to sidestep responsibility, often with the complicity of governments, regulators, and the media. His analysis of corporate strategies such as "regulatory capture" and "cost externalization" reveals how corporations manipulate systems to escape accountability. For instance, rather than shouldering the environmental costs of their operations, companies frequently push these costs onto local communities, workers, or the public, leading to long-term ecological damage that disproportionately affects marginalized groups.
The book is a powerful critique of the neoliberal economic order, where government policies, instead of serving the public interest, often become tools of corporate interests. Marquis explores how lobbying, campaign donations, and revolving-door politics between business leaders and politicians have created an environment where policies are designed to benefit corporations at the expense of ordinary citizens. This trend, as Marquis argues, has deepened economic inequality and weakened the public infrastructure that serves as a foundation for society.
A Call for Accountability and Reform
While The Profiteers can be bleak in its portrayal of corporate power, it also serves as a clarion call for change. Marquis does not simply decry the state of affairs; he advocates for more transparency, better corporate governance, and stronger regulatory frameworks to hold businesses accountable. By highlighting the consequences of unchecked corporate behavior, he urges readers to reconsider the role of businesses in society—not as benevolent job creators, but as actors that must be held to the same ethical and financial standards as everyone else.
A particularly thought-provoking section of the book addresses the role of consumers in this cycle. Marquis examines the power of consumer movements, divestment campaigns, and corporate social responsibility initiatives as potential tools for pushing back against the status quo. He suggests that while individual action can seem insignificant in the face of massive corporate power, collective action—driven by informed consumers and shareholders—has the potential to enact real change.
Conclusion: A Necessary and Timely Contribution
The Profiteers is a thought-provoking and timely book that should be required reading for anyone concerned with the intersection of business, politics, and social justice. While its critique is rigorous and its subject matter complex, Marquis’ clear writing and accessible approach ensure that the book is both informative and engaging. In a time when corporate influence continues to shape policy decisions at every level of society, The Profiteers provides an essential framework for understanding how businesses, often under the guise of efficiency and innovation, profit at the public’s expense.
This book doesn’t just challenge the prevailing narratives around corporate capitalism—it offers a roadmap for rethinking how our economy functions and how we, as citizens, can demand a fairer system. In doing so, it succeeds in its mission to make us more conscious of the true cost of corporate profits, and, ultimately, to inspire action towards a more just and accountable economic system.
September 1, 2024
The author brings to the fore some of the issues many of us are superficially aware but tend to put it on the backburner while conveniently enjoying the material benefits of modern conveniences. There is real ecological and human impact in making cheap goods, and traditional capitalism conveniently ignores the unpaid cost to nature and less fortunate human beings. The author takes the readers through the impact of carbon emissions and how companies are greenwashing their consumption by buying carbon credits and smart marketing without making real changes in the way their products are produced. We believe our good deed is done by separating the recyclables in the right containers; the truth is far more complicated than that since just a tiny percentage of that is put back into use. Similarly, we all provide lip service to the occasional news reports of harsh labor conditions in some remote Asian factories producing our branded goods, ignoring that these incidents happen daily to make our favorite underwear or shoes. The author talks about the human toll in terms of inhuman conditions and discrimination that occurs in unfettered capitalism.
The sombre note turns positive as Marquis talks about practical systemic changes - focusing on stakeholders rather than just shareholders, creating regenerative business, etc - that need to be brought and provides examples of companies leading that change. Some of the companies' initiatives mentioned in the book that warrant further reading are from Allbirds, Ben & Jerry's, KLM, Ikea, Patagonia etc.
The key message is to avoid overconsumption while recognizing the real impact of producing the goods on the ecology & people and adopting circular/regenerative models of production.
The sombre note turns positive as Marquis talks about practical systemic changes - focusing on stakeholders rather than just shareholders, creating regenerative business, etc - that need to be brought and provides examples of companies leading that change. Some of the companies' initiatives mentioned in the book that warrant further reading are from Allbirds, Ben & Jerry's, KLM, Ikea, Patagonia etc.
The key message is to avoid overconsumption while recognizing the real impact of producing the goods on the ecology & people and adopting circular/regenerative models of production.
January 29, 2025
Great, timely read written by a fellow Wolverine. There’s a lot in here about corporate taxation, lobbying, sustainability, compliance and how to change things for the better. There is a bit of a USA focus, but there’s a lot for international readers too. It’s not enough to point out what’s wrong. The author does this, but also provides some great action steps for how to combat these ills, such as joining the 22 state legislatures that support a constitutional amendment to make Citizens United over and take money out of politics.
June 8, 2024
Interesting book. If I were a younger man I would change my retirement investment portfolio. I especially like Long-Term Stock Exchange as a counterweight to the short-term investment strategy of Wall Street, that stifles creativity and innovation.
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December 14, 2025Blehhhhhh
Displaying 1 - 8 of 8 reviews