Profiteering is a pejorative term for the act of making a profit by methods considered unethical. Business owners may be accused of profiteering when they raise prices during an emergency (especially a war). The term is also applied to businesses that play on political corruption to obtain government contracts.
Some types of profiteering are illegal, such as price fixing syndicates and other anti-competitive behaviour, for example on fuel subsidies (see British Airways price-fixing allegations), or restricted by industry codes of conduct such as aggressive marketing of products in the third world such as baby milk (see Nestlé boycott).
Contents |
Types of profiteering
Laws
- UK: Chapter 1 of the Competition Act 1998
See also
- Hoarding (economics)
- Business ethics
- War profiteering
- Price gouging
- McDojo - Profiteering in the Martial arts
- Product sabotage
- Supracompetitive pricing
Example cases
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