Consumerism (Nov’11)

Q. What do you mean by Consumerism (Nov’11)?

Consumerism: Consumerism is a social and economic order that encourages the purchase of goods and services in ever-greater amounts. Early criticisms of consumerism are present in the works of Thorstein Veblen (1899). Veblen's subject of examination, the newly emergent middle class arising at the turn of the twentieth century, comes to fruition by the end of the twentieth century through the process of globalization. In this sense, consumerism is usually considered a part of media culture.

The term "consumerism" has also been used to refer to something quite different called the consumerists movement, consumer protection or consumer activism, which seeks to protect and inform consumers by requiring such practices as honest packaging and advertising, product guarantees, and improved safety standards. In this sense it is a movement or a set of policies aimed at regulating the products, services, methods, and standards of manufacturers, sellers, and advertisers in the interests of the buyer.

For example, an industrial society that is advanced; a large amount of goods is bought and sold. Sometimes referred to as a policy that promotes greed, consumerism is also coined as a movement towards consumer protection that promotes improvement in safety standards and truthful packaging and advertisement. Consumerism seeks to enforce laws against unfair practices implement product guarantees.

References: http://www.investopedia.com, http://en.wikipedia.org