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The Profiteers: How Business Privatises Profits & Socialises Costs

LISTEN TO THIS EPISODE HERE

Join us on The Business Elevation Show for an insightful conversation with Chris Marquis, the Sinyi Professor of Chinese Management at the University of Cambridge and author of the acclaimed book, “The Profiteers: How Business Privatizes Profits and Socializes Costs”.

In this episode we delve into Chris’ extensive research on business sustainability, social entrepreneurship, and the transformative power of the B Corp Movement as outlined in his award-winning books, “Better Business: How the B Corp Movement Is Remaking Capitalism” and “Mao and Markets: The Communist Roots of Chinese Enterprise”.

You’ll discover how academic research can serve as a catalyst for addressing pressing global issues such as climate change, inequality, and racism.

With a background that spans academia and the financial services industry, including roles at Cornell, Harvard, and JP Morgan Chase, Christopher brings a wealth of knowledge and experience to the table.

Some Key Takeaways from the interview:

Rethinking Profit and Responsibility: Many businesses privatise profits while socialising costs, passing the burden of environmental and social damages to taxpayers and consumers. Chris Marquis argues for a shift in corporate accountability and the need for businesses to internalise these externalities.

Income Inequality & CEO Pay Ratios: The dramatic increase in CEO-worker pay ratios contributes to income and wealth inequality, negatively impacting societal economic performance. Traditional solutions like trickle-down economics and philanthropy are being questioned for their effectiveness in addressing these disparities.

Regenerative Business Practices: Companies like Patagonia are pioneering the shift from sustainability to active repair and restoration of the environment. By embedding regenerative principles into their business models, they set a powerful example of how businesses can contribute positively to solving environmental challenges.

You can listen to the Business Elevation interview with Chris Marquis and Chris Cooper here. Alternatively on Apple Podcasts, Spotify, Tunein, Amazon Music, iHeart Radio (latter US only).

More about Chris Marquis:

Chris Marquis is the Sinyi Professor of Chinese Management at the University of Cambridge and author of “The Profiteers: How Business Privatizes Profits and Socializes Costs”. His research examines business sustainability and social entrepreneurship, and he has written two prior award-winning books, including ‘Better Business: How the B Corp Movement Is Remaking Capitalism’ and ‘Mao and Markets: The Communist Roots of Chinese Enterprise’. Marquis is passionate about how academic research can help people around the world address some of the biggest crises of our day — including climate change, inequality, and racism. Before Cambridge Marquis worked at Cornell for 6 years, and Harvard for 11 years. He has a PhD in sociology from the University of Michigan and previously worked for six years in the financial services industry, most recently as a Vice President at JP Morgan Chase.