Time To End The Love Affair With Profit

Profit – what’s left over after all the expenses are paid, that’s all it is. But it has achieved cult status in the last few decades – since gambling on the share market became a favourite sport for those with a few dollars to spare.

Profit, or potential to make a profit, determines the size of the dividend shareholders get each year. CEOs’ reputations, and salaries, are based on their ability to keep growing the profits of the organization they spearhead.

But profit means only one thing, exploitation. Workers are paid too little. Consumers are charged too much. Natural resources are acquired too cheaply and/or shortcuts are taken around health and safety and environmental protection. And it means not sharing ideas and information that could improve the lives of people everywhere. Ever-increasing profit usually means exploitation in all of these areas. Continue reading

Human Rights Versus Corporate Capitalism; People Before Profits

Recently US corporation Turing Pharmaceuticals bought the rights to daraprim, a drug used to treat toxoplasmosis, and promptly announced it was increasing the cost from (US)$13.50 per tablet to $750. The same drug is sold in the UK for around $20 for 30 tablets.

When this news became public knowledge there was outrage. Social media went into overdrive, causing Turing to capitulate and announce that it will be reviewing the pricing of daraprim. By how much remains to be seen.

Turing’s CEO saw the rights to the medication as a market opportunity. He felt the market was prepared to pay a lot more for this drug and there was money to be made. And the role of any good CEO is to make as much money as possible for their company. Or more precisely, the company directors and shareholders. Continue reading