Corporate greed: Difference between revisions
wrote some more about Lawsuits & Class actions |
did a lot, may need to add more relevant citations, If i can even find any :/ |
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'''Corporate greed''', or simply greed, is a modern phenomenon | '''Corporate greed''', or simply greed, is a modern phenomenon In which corporations pursue goals for profit and shareholder-value without valuing customer thoughts and consumer rights.<ref>{{Cite web |title=Corporate Greed |url=https://aflcio.org/issues/corporate-greed |access-date=15 Jan 2026 |website=aflcio.org}}</ref> | ||
==Why it is a problem== | ==Why it is a problem== | ||
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Consumer over-reliance on products and a corporation's domination over other businesses may create what's known as a [[Monopoly]], which is '''potentially''' illegal if the company also partakes in anti-competitive practices that harm consumers & restrict competition, as defined by antitrust laws.<ref>{{Cite web |title=The Antitrust Laws |url=https://www.ftc.gov/advice-guidance/competition-guidance/guide-antitrust-laws/antitrust-laws |access-date=5 Feb 2026 |website=Federal Trade Commission}}</ref> | Consumer over-reliance on products and a corporation's domination over other businesses may create what's known as a [[Monopoly]], which is '''potentially''' illegal if the company also partakes in anti-competitive practices that harm consumers & restrict competition, as defined by antitrust laws.<ref>{{Cite web |title=The Antitrust Laws |url=https://www.ftc.gov/advice-guidance/competition-guidance/guide-antitrust-laws/antitrust-laws |access-date=5 Feb 2026 |website=Federal Trade Commission}}</ref> | ||
=== | === Consumer Related Issues: === | ||
==Common Tactics Used to Increase Profits:== | ==Common Tactics Used to Increase Profits:== | ||
#A company simply increasing the prices on products & [[Subscription service]]'s alike for no apparent reason. (Also known as "Price Gouging") | #A company simply increasing the prices on products & [[Subscription service]]'s alike for no apparent reason. (Also known as "'''Price Gouging'''")<ref>{{Cite web |last=Calhoun |first=George |date=14 Nov 2024 |title=Is Price Gouging Real? Who’s Doing It? Is It Driving Inflation? |url=https://www.forbes.com/sites/georgecalhoun/2024/11/14/is-price-gouging-real-whos-doing-it-is-it-driving-inflation/ |access-date= |website=Forbes}}</ref> | ||
#Implementing a [[Subscription service]] into a product that has already been bought In order to revoke ownership from It's users. | #Implementing a [[Subscription service]] into a product that has already been bought In order to revoke ownership from It's users. | ||
#Using targeted/personalized ads in order to gain more data on someone, only to sell that data to more advertisers & third-party websites. | #Using targeted/personalized ads in order to gain more data on someone, only to sell that data to more advertisers & third-party websites. | ||
#Purposefully decreasing the quality of some products ([[Enshittification]]) to save money and/or to encourage consumers to buy newer & more powerful items to replace the older ones. (Also known as "[[Planned obsolescence]]") | #Purposefully decreasing the quality of some products ([[Enshittification]]) to save money and/or to encourage consumers to buy newer & more powerful items to replace the older ones. (Also known as "[[Planned obsolescence]]")<ref>{{Cite web |last=Jalan |first=Ayush |date=7 Jun 2023 |title=What Is Planned Obsolescence? How Brands Keep You Buying |url=https://www.makeuseof.com/what-is-planned-obsolescence/ |website=makeuseof}}</ref> | ||
#Decreasing the average wages of some or all types of employees. | #Decreasing the average wages of some or all types of employees. | ||
#Retroactively restricting access to features on items that you've already bought/paid for to push you into giving more money to use previously freely accessible features (more commonly known as a "Paywall" or "Digital lock") | #Retroactively restricting access to features on items that you've already bought/paid for to push you into giving more money to use previously freely accessible features (more commonly known as a "'''Paywall'''" or "'''Digital lock'''").<ref>{{Cite web |last=Hebert |first=Amy |date=17 Apr 2024 |title=Do you really own the digital items you paid for? |url=https://consumer.ftc.gov/consumer-alerts/2024/04/do-you-really-own-digital-items-you-paid |access-date= |website=Federal Trade Commission}}</ref> | ||
#Decreasing the sizes of products while keeping the prices the same(Also known as "'''Shrinkflation'''", and It's more common in supermarkets & retail stores).<ref>{{Cite web |date=11 Jan 2025 |title=Spotting Predatory Business Tactics: A Consumer's Guide to Self-Defense |url=https://keepm.granitlabs.com/blog/predatory-tactics |access-date= |website=keepm}}</ref> | |||
#Implementation of [[False advertising]] or [[Bait-and-switch]] tactics in a company's commercials to bring in more customers. | |||
==Common Responses & Action Against Unfair/Greedy Corporations:== | ==Common Responses & Action Against Unfair/Greedy Corporations:== | ||
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Victims & others that disapprove of excessive levels of greed committed by a certain corporation usually share information to others that are close to them(either by showing proof of it using sources or explaining something that happened to them & others). | Victims & others that disapprove of excessive levels of greed committed by a certain corporation usually share information to others that are close to them(either by showing proof of it using sources or explaining something that happened to them & others). | ||
By doing this, the news can spread even if it isn't mainstream yet or the information is extremely hard to access intentionally, thus potentially leading to boycotts or [[Class action|Class actions]] & Lawsuits If there is enough pressure/enough people that have the same thoughts & ideas.{{ | By doing this, the news can spread even if it isn't mainstream yet or the information is extremely hard to access intentionally, thus potentially leading to boycotts or [[Class action|Class actions]] & '''Lawsuits''' If there is enough pressure/enough people that have the same thoughts & ideas.<ref>{{Cite web |last=Came |first=Scott |title=The Importance of Information Sharing for Justice Reform |url=https://www.search.org/files/pdf/TheImportanceofInformationSharingforJusticeReform.pdf |access-date=12 Feb 2026 |website=search.org}}</ref> | ||
===4. Lawsuits & [[Class action|Class actions]]:=== | ===4. Lawsuits & [[Class action|Class actions]]:=== | ||
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Lawsuits, more specifically consumer protection lawsuits directed by a "Class" can allow consumers & others who choose to participate to have a say In an important matter and create a civil case & affect the outcome of case themselves, essentially forcing any organization/company that's targeted by the Lawsuit to either: | Lawsuits, more specifically consumer protection lawsuits directed by a "Class" can allow consumers & others who choose to participate to have a say In an important matter and create a civil case & affect the outcome of case themselves, essentially forcing any organization/company that's targeted by the Lawsuit to either: | ||
# Defend themselves & win the case | #Defend themselves & win the case | ||
# Settle for a financial compromise | #Settle for a financial compromise | ||
# Do what the opposing party requests them to do{{ | #Do what the opposing party requests them to do<ref>{{Cite web |last=Hayes |first=Adam |title=Class Action: Definition, Lawsuits, Types, Benefits, Example |url=https://www.investopedia.com/terms/c/classaction.asp |access-date=12 Feb 2026 |website=Investopedia}}</ref> | ||
While [[Class action|Class Actions]] & Lawsuits may be an effective way to push back against something, some corporations hide & use [[Forced arbitration]] clauses to protect themselves In the event of said [[Class action|Class Actions]] & Lawsuits. If this were the case, It becomes much more difficult or maybe Impossible to appose them due to the participants allegedly having consented to their | While [[Class action|Class Actions]] & Lawsuits may be an effective way to push back against something, some corporations hide & use [[Forced arbitration]] clauses to protect themselves In the event of said [[Class action|Class Actions]] & Lawsuits. If this were the case, It becomes much more difficult or maybe Impossible to appose them due to the participants allegedly having consented to their '''Terms of Service''' In the first place.<ref>{{Cite web |date=29 Aug 2025 |title=What Is Forced Arbitration and How Does It Work? |url=https://legalclarity.org/what-is-forced-arbitration-and-how-does-it-work/ |website=LegalClarity}}</ref> | ||
==See also== | ==See also== | ||