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Consumerism – The Need Of The Hour: How Consumerism Can Help Address The Problems Of The Developing Economies Of The World.

1479 words - 6 pages

Introduction:Most of the Economists of the Modern era have yet to come to the terms with the fact that consumerism is a necessity for the development of an economy. They have till date criticized it to the core as it creates rich poor economic difference. Humanists criticize it by calling it a bane of Industrial age which creates false wants and paves way to dissatisfaction and greed. In comparison to Capitalists, Marxists have criticized it in much harsher terms. Anti-consumerists define it as negative as Commodity Fetishism. Many religious leaders have also been found opposing consumerism because they believe that it interferes with spirituality and the divine, or that it leads to an immoral lifestyle. These people tend to forget that religion most of the times to promote human beings to be virtuous shows them the scene of heaven which is full of materialistic pursuits. Meaning thereby, people are spiritually good for the sake of the fact that they wish comfortable life in the blue abode.Meaning:Consumerism is a term used to describe the effects of equating personal happiness with purchasing material possessions and consumption. It means when our needs are satisfied by two units of a particular commodity we still wish to have five of it for the sake of fashion or variety. It can also refer to economic policies that place an emphasis on consumption, and, in an abstract sense, the belief that the free choice of consumers should dictate the economic structure of an economy. Consumerism, as in people purchasing goods or consuming materials in excess of their basic needs, is as old as the first civilizations like Ancient Egypt, Babylon and Ancient Rome. It is the tendency of the people to get attracted towards products with commercial brand names like costly mobiles, automobiles, jewellery and other accessories. Paul Ekins writes "A consumer society is one in which the possession and use of an increasing number and variety of goods and services is the principle cultural aspiration and the surest perceived route to personal happiness, social status and national success."Role as an Engine of Demand:Consumerism acts as an engine to boost demand. When people tend to acquire consumerist desires or they wish to have a collection of goods and commodities, they tend to increase their earnings for the successful pursuit of their consumerist desires. Then they see a resultant increase in their incomes due to the extra effort rendered. People work hard, toil and struggle and many work overtime to reap this harvest of increased income. Now, they are more willing to spend their income as they have the list of goods and commodities already prepared in the pursuit of which they have successfully worked for. Due to the money spent by them the flow of money in the economy is freshened and is not stagnant. The people with consumerist tendencies have a greater affection for consumer goods than the capital goods. When they purchase those goods and commodities they...

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