Charter schools have substantial bipartisan support for their expansion. Yet, the bulk of charter school research ascertains that the majority of students in charter schools do not significantly outscore their traditional school peers on measurable indicators of academic performance. Additionally, students in charter schools do not have comparable schooling experiences to their middle-class, White peers in affluent urban and suburban schools. Using critical race theory to analyze recent charter school research, we challenge the notion of marketplace theory as a viable reform strategy to create more equitable education, and we suggest that the substantial financial profits associated with charter schools are one reason policymakers continue to ignore the negative outcomes of charter schools and push for the creation of more charter schools.