Profiteering
(Redirected from
Profiteering (business)
)Profiteering is a pejorative term for the act of making a profit by methods considered unethical.[1][2][page needed]
Overview
Business owners may be accused of profiteering when they raise prices during an emergency (especially a war).[3][page needed] The term is also applied to businesses that play on political corruption to obtain government contracts.
Some types of profiteering are illegal, such as
Nestlé boycott
).
Types of profiteering
Laws
Profiteering is illegal in several countries, including but not limited to:
- UK: Chapter 1 of the Competition Act 1998
- Germany: § 291 StGB (Criminal Code) – up to 10 years' jail maximum penalty
- Austria: § 154 StGB – up to 5 years' jail maximum penalty
See also
Look up profiteer in Wiktionary, the free dictionary.
- Hoarding (economics)
- Business ethics
- Price gouging
- Product sabotage
- Rent seeking
- Supracompetitive pricing
- Ticket scalping
- Usury
Example cases
References
- ^ "Profiteering". Oxford Learners Dictionaries.
- ISBN 978-8120325777.
- ISBN 978-1844671236.
- ISBN 978-0307906809.
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