Episode #85: Elevating Capitalism - Profit Versus Profiteering with Chris Marquis

Profit is essential for business, but what happens when it comes at the expense of society? 

Join us as we dive into this pressing issue with Chris Marquis, author of "The Profiteers: How Business Privatizes Profit and Socializes Costs." Marquis unpacks how companies often "socialize their costs" through harmful side effects and externalities, leaving society to pick up the tab.

We explore the dark side of corporate profit-making, with the opioid crisis and Purdue Pharma serving as prime examples of how businesses can hide their negative impacts. Imagine a car's exhaust pipe feeding directly into the passenger compartment—that's the stark reality of pollution externalities affecting everyone, not just the polluters.

But instead of pointing fingers, Marquis advocates for a transformation of our systems and markets. He emphasizes the need to evolve our practices to account for the true and total costs of doing business while preserving the best aspects of our market-based capitalist system. 

Tune in to discover how current business models contribute to environmental degradation, plastic pollution, biodiversity loss, and extreme social inequality, and why these practices are unsustainable in the long run. With Chris Marquis, we explore innovative ways to capture conscious businesses' true costs and profits, ensuring that profit remains beneficial and ethical.

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For transcripts and show notes, please go to: https://www.theconsciouscapitalists.com

This show is presented by Conscious Capitalism, Inc. (https://www.consciouscapitalism.org/) and is produced by Rainbow Creative (https://www.rainbowcreative.co/) with Matthew Jones as Executive Producer, Rithu Jagannath as Lead Producer, and Nathan Wheatley as Editor.

Thank you for your support!

- Timothy & Raj

Time Stamps

00:00 Introduction to Profiteering and Externalities

00:44 Welcome to the Conscious Capitalists Podcast

01:22 Introducing Special Guest: Chris Marcus

02:33 Critiquing Capitalism and Celebrating Its Potential

04:27 The Legacy of Jack Welch and Shareholder Capitalism

09:20 The Sociological Perspective on Business

24:09 The Role of Business Schools in System Change

33:31 The Urgency of Climate Action and Systemic Change

36:28 Exploring Chinese Business and Authoritarianism

42:08 Defining the Responsibility of Business

43:48 The Concept of Regenerative Business Models

48:38 Chris's Personal Journey and Pittsburgh's Transformation

50:37 Conclusion and Final Thoughts