Profit Over People by Noam Chomsky Summary

Profit Over People by Noam Chomsky critiques neoliberal economic policies, arguing they prioritize corporate profits over democratic values and human welfare. The book exposes how institutions like the IMF and WTO enforce policies that concentrate wealth, weaken labor rights, and exacerbate inequality, while advocating for grassroots activism to reclaim democratic control.

This book is essential for readers interested in political economy, social justice, or critiques of capitalism. Activists, policymakers, and students of economics or political science will gain insights into how corporate power shapes global policies and strategies to challenge systemic inequality.

Yes, for its rigorous analysis of neoliberalism’s societal impacts. Chomsky’s accessible yet scholarly approach makes complex economic concepts understandable, offering historical context and real-world examples like NAFTA’s effects on Mexican workers.

Key themes include:

• Corporate dominance over democratic institutions.
• Neoliberal globalization’s erosion of social safety nets.
• Exploitation via international trade agreements.
• The myth of “free markets” as a cover for state-backed corporate welfare.

Chomsky defines neoliberalism as an ideology that privileges privatized markets, deregulation, and fiscal austerity—policies he argues are engineered to transfer wealth upward while dismantling public services and labor protections.

He analyzes:

• NAFTA’s impact on Mexican farmers and U.S. workers.
• IMF structural adjustment programs that deepen poverty in developing nations.
• Corporate lobbying’s role in shaping U.S. foreign policy.

Chomsky argues the WTO enforces rules favoring wealthy nations and corporations, such as intellectual property protections that prioritize pharmaceutical profits over affordable healthcare access in poor countries.

He advocates for:

• Strengthening labor unions and grassroots movements.
• Reforming international institutions to prioritize human rights over corporate interests.
• Rejecting the “Washington Consensus” model of economic development.

Unlike his linguistic studies, this book focuses on political economy, aligning with Manufacturing Consent in critiquing power structures but offering a deeper dive into neoliberal policy mechanics.

Some economists argue Chomsky oversimplifies neoliberal theory’s nuances, while others contest his dismissal of globalization’s potential benefits for developing economies.

• “Neoliberalism is not about free markets… it’s about subordinating public institutions to private power.”
• “The ‘national interest’ is often a euphemism for elite interests.”

Its analysis of corporate influence on climate policy, tech monopolies, and wealth inequality resonates in debates about AI ethics, green energy transitions, and post-pandemic economic reforms.