Corporate greed: Difference between revisions
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'''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>https://aflcio.org/issues/corporate-greed</ref> | '''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 == | |||
When companies increase prices & cut corners with no regards to their customers, they'll be positively impacted short-term, but long term they'll be negatively impacted with decreased trust & sales. | |||
Not just that, but there are people who depend on certain software, which may be too expensive for them to afford, and it may be difficult for them to make a switch, this is only something that harms both sides. | |||
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 |website=Federal Trade Commission}}</ref> | |||
=== Corporate Greed from a Consumer rights perspective: === | |||
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==Common Tactics Used to Increase Profits:== | ==Common Tactics Used to Increase Profits:== | ||
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#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") | ||
#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 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 to save money and/or to encourage consumers to buy newer & more powerful items to replace the older ones. (Also known as "[[Planned obsolescence]]") | ||
#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"). | ||
#Decreasing the sizes of products while keeping the prices the same(Also known as "Shrinkflation", and It's more common in supermarkets & retail stores). | #Decreasing the sizes of products while keeping the prices the same(Also known as "Shrinkflation", and It's more common in supermarkets & retail stores). | ||
#Implementation of [[False advertising]] or [[Bait-and-switch]] tactics in a company's commercials to bring in more customers.<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.<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=}}</ref><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><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> | ||
==See also== | ==See also== | ||
Revision as of 00:30, 5 February 2026
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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.[1]
Why it is a problem
When companies increase prices & cut corners with no regards to their customers, they'll be positively impacted short-term, but long term they'll be negatively impacted with decreased trust & sales.
Not just that, but there are people who depend on certain software, which may be too expensive for them to afford, and it may be difficult for them to make a switch, this is only something that harms both sides.
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.[2]
Corporate Greed from a Consumer rights perspective:
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")
- 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 to save money and/or to encourage consumers to buy newer & more powerful items to replace the older ones. (Also known as "Planned obsolescence")
- 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").
- Decreasing the sizes of products while keeping the prices the same(Also known as "Shrinkflation", and It's more common in supermarkets & retail stores).
- Implementation of False advertising or Bait-and-switch tactics in a company's commercials to bring in more customers.[3][4][5]
See also
References
- ↑ "Corporate Greed". aflcio.org. Retrieved 15 Jan 2026.
- ↑ "The Antitrust Laws". Federal Trade Commission.
- ↑ Calhoun, George (14 Nov 2024). "Is Price Gouging Real? Who's Doing It? Is It Driving Inflation?".
- ↑ Jalan, Ayush (7 Jun 2023). "What Is Planned Obsolescence? How Brands Keep You Buying". makeuseof.
- ↑ "Spotting Predatory Business Tactics: A Consumer's Guide to Self-Defense". keepm. 11 Jan 2025.