Episode #85: Elevating Capitalism - Profit Versus Profiteering with Chris Marquis
07/22/24 • 52 min
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.
**
If you enjoy this podcast, would you consider leaving a review on Apple Podcasts/iTunes?
It takes only a few seconds and greatly helps us get our podcast out to a wider audience.
Please subscribe on Apple Podcasts / Spotify / Stitcher, or wherever you get your podcasts.
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
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.
**
If you enjoy this podcast, would you consider leaving a review on Apple Podcasts/iTunes?
It takes only a few seconds and greatly helps us get our podcast out to a wider audience.
Please subscribe on Apple Podcasts / Spotify / Stitcher, or wherever you get your podcasts.
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
Previous Episode
Episode #84: An Inspired Entrepreneur Thinking Out of The Box!
Creating an inspiring company selling blankets? You bet!
Bob Dalton, the CEO of Sackcloth and Ashes, embarked on a mission with a unique one-to-one business model: for every blanket sold, another is donated to a homeless shelter. His passion and creativity lead to innovative production methods, collaboration with Indigenous designers, and active engagement with grassroots movements across the country.
One of his innovations is rethinking packaging - using it to inspire local grassroots connections and pay it forward by reusing the blanket boxes to donate items to homeless shelters.
Inspiring and creative, Bob Dalton is an out-of-the-box entrepreneur. He will also be a speaker at The Conscious Capitalism CEO summit in October 2024.
**
If you enjoy this podcast, would you consider leaving a review on Apple Podcasts/iTunes? It takes only a few seconds and greatly helps us get our podcast out to a wider audience.
Please subscribe on Apple Podcasts / Spotify / Stitcher, or wherever you get your podcasts.
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 and Personal Transformation
00:43 Welcome to the Conscious Capitalists
01:01 Introducing Bob Dalton and Sackcloth Ashes
02:08 The Inspiration Behind Sackcloth Ashes
04:14 Building the Business from Scratch
06:11 The Meaning Behind the Name
08:47 Impact and Redemption
10:17 Marketing and Growth Strategies
16:17 Empowering Local Communities
32:23 Leadership and Future Vision
Next Episode
Episode #86: Ryan Heckman: The Blue-Collar PE guy
From Olympian to a backdoor entry into private equity, Ryan Heckman shares his story as a blue-collar PE executive aiming to elevate the industry. He began his career in private equity and, after nearly 20 years, transitioned to leading a successful startup. He later sold this business to a private equity firm.
Now, as a co-founder of the groundbreaking private equity firm Rallyday, Ryan describes how they began by identifying everything wrong with the private equity world and then developing innovative approaches to address these issues. At Rallyday, they focus on being business builders rather than just investors. They view founders as their core customers, providing them with the love and support they need to build thriving businesses for the long term.
Meet Ryan Heckman, a conscious leader who advocates for “Monster" leaders who are aggressively humble.
**
If you enjoy this podcast, would you consider leaving a review on Apple Podcasts/iTunes? It takes only a few seconds and greatly helps us get our podcast out to a wider audience.
Please subscribe on Apple Podcasts / Spotify / Stitcher, or wherever you get your podcasts.
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
00:44 Introduction to the Conscious Capitalists
01:03 Meet Ryan Heckman: A Journey in Private Equity
03:02 From Athlete to Private Equity Executive
05:33 Building and Selling a Business
08:06 Founding Rally Day Partners
09:27 Innovations in Private Equity
15:46 Employee Ownership and Development
20:18 Challenges and Opportunities in Private Equity
25:15 Exiting Investments with Purpose
27:31 Preparing for the Sale: Early Work and Employee Retention
27:54 Ensuring Continuity of Purpose and Values Post-Sale
29:24 Sponsorship Announcement: 2024 Conscious Capitalism CEO Summit
30:14 Redefining Greatness: From Good to Great to Goodness
32:16 The Importance of Courage in Leadership
32:56 Lessons from an Olympic Athlete: Embracing Failure and Thriving
36:57 The Concept of Thriving in Business and Community
39:33 Stewardship and the Infinite Game
42:11 Monster Leaders and Aggressive Humility
47:08 Conscious Leadership and Community Development
52:54 Closing Remarks and Gratitude
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