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Profiteering Meaning: Definition, Examples, and Translations

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profiteering

[ˌprɒfɪˈtɪərɪŋ ]

Definitions

Context #1 | Noun

illegal

The act of making an excessive profit, especially by taking advantage of a situation of high demand or scarcity of goods.

Synonyms

exploitation, price gouging, taking advantage.

Which Synonym Should You Choose?

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Word Description / Examples
profiteering

This term typically refers to making excessive profits in an unethical manner, especially during times of crisis or emergency.

  • During the war, many companies were accused of profiteering by raising prices on essential goods.
  • The government's new regulations aim to curb profiteering practices in the pharmaceutical industry.
price gouging

This phrase is often used when prices of goods or services are significantly raised to unfairly high levels, particularly during shortages or emergencies.

  • The store was heavily fined for price gouging during the hurricane by charging $10 for a bottle of water.
  • Many online sellers were accused of price gouging for essential medical supplies during the pandemic.
exploitation

This term is used when someone unfairly uses another person or situation for their own gain, often without proper compensation or consideration for the other party.

  • Child labor is a clear example of exploitation in many developing countries.
  • The workers spoke out about the exploitation they faced in the factory.
taking advantage

This phrase can have a more general use, referring to any situation where someone uses another person's weakness, lack of knowledge, or a particular situation to gain an unfair advantage.

  • He was taking advantage of his grandmother's forgetfulness to borrow money without returning it.
  • Some companies were taking advantage of the loopholes in the tax system.

Examples of usage

  • During the war, many companies were accused of profiteering by selling essential goods at inflated prices.
  • The government introduced strict regulations to prevent profiteering during the crisis.
Context #2 | Noun

negative

The act of making a profit in a way that is considered unethical or immoral.

Synonyms

exploitation, greed, unethical profit.

Which Synonym Should You Choose?

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Word Description / Examples
profiteering

Typically used in situations where someone is making excessive profits in ways that are seen as unethical or exploitative, especially during emergencies or crises.

  • During the war, some companies were accused of profiteering by overcharging for essential goods.
  • The government's new measures aim to stop fuel profiteering during natural disasters.
exploitation

Used when someone takes advantage of others in an unfair or unethical way, often for financial gain. It often implies a power imbalance where the exploiter benefits at the expense of the exploited.

  • The exploitation of workers in sweatshops has been widely condemned.
  • Environmental groups are fighting against the exploitation of natural resources.
greed

Describes an excessive desire for wealth or power, often leading to unethical behavior. It has a strong negative connotation and is used to critique moral character.

  • His greed led him to cheat his partners out of their shares.
  • The downfall of the company was attributed to the CEO's insatiable greed.
unethical profit

Refers to gains that are made through practices that are considered morally wrong. This term is often used in discussions of business ethics and corporate responsibility.

  • The company was accused of making unethical profits by using child labor.
  • Unethical profit from insider trading can lead to severe penalties and damaged reputations.

Examples of usage

  • Some people view the pharmaceutical industry's pricing strategies as profiteering off the sick and vulnerable.
  • The company's CEO was criticized for profiteering at the expense of his employees.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

History

  • During World War II, governments implemented price controls to prevent profiteering as demand soared for essential goods.
  • The post-9/11 period saw accusations of profiteering against businesses that raised prices on necessary supplies during a national crisis.
  • Historical records show that profiteering has been criticized in times of famine, revealing the moral concerns tied to exploiting crises.

Economics

  • Profiteering can distort market competition, leading to public outrage and calls for regulation to ensure fair pricing.
  • It's often associated with monopolies or companies that control essential resources, raising ethical questions about supply and demand.
  • While legal in many cases, excessive profiteering can damage a company's reputation and lead to protests or boycotts.

Pop Culture

  • Profiteering is a common theme in movies where villains exploit disaster situations for wealth, often leading to their downfall.
  • Songs and literature often depict the struggle against profiteering, portraying it as a form of corporate greed and betrayal of the community.
  • Reality TV sometimes showcases individuals accused of profiteering, highlighting the moral implications of making money off others' needs.

Ethics

  • Profiteering raises ethical debates about capitalism and morality, questioning the limits of making money in a crisis.
  • Many argue there should be a social responsibility to prioritize community well-being over personal profit in times of need.
  • Different cultures have various views on profiteering, with some seeing it as more acceptable than others, showing diverse economic philosophies.

Origin of 'profiteering'

Main points about word origin

  • The term comes from the word 'profit', with origins in Middle English around the 15th century.
  • The prefix 'pro-' in profiteering suggests 'for' or 'favoring', hinting at a focus on benefits for the seller.
  • The concept of profiteering gained prominence during wartime, reflecting unethical financial gain when necessities were lacking.

The term 'profiteering' originated during World War I to describe the act of making an excessive profit by taking advantage of the high demand for essential goods. It has since evolved to encompass any situation where individuals or businesses seek to make unethical or excessive profits. Profiteering is often associated with negative connotations and has been the subject of regulatory scrutiny in various industries.

See also: nonprofit, profit, profitability, profitable, profitableness, profitably, profiteer, profitize, profits.

Word Frequency Rank

At rank #25,067, this word represents specialized academic or technical vocabulary. It's less frequently encountered but may be valuable in specific contexts.