Consumerism

Consumerism is a social and economic order and ideology that encourages the acquisition of goods and services in ever-increasing amounts. Early criticism of consumerism was in the works of Thorstein Veblen in 1899, which examined the middle class emerging at the turn of the 20th century, which came to fruition by the end of the 20th century through the process of globalization.

In politics, the term "consumerism" has also been used to refer to 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 political 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 consumer.

In economics, "consumerism" may refer to economic policies which emphasise consumption. In an abstract sense, it is the consideration that the free choice of consumers should strongly orient the choice by manufacturers of what is produced and how, and therefore orient the economic organization of a society (compare producerism, especially in the British sense of the term). In this sense, consumerism expresses the idea not of "one man, one voice", but of "one dollar, one voice", which may or may not reflect the contribution of people to society.

The term "consumerism" has several definitions. These definitions may not be related to each other and confusingly, they conflict with each other.

In a 1955 speech, John Bugas (number two at the Ford Motor Company) coined the term "consumerism" as a substitute for "capitalism" to better describe the American economy:

Bugas's definition aligned with Austrian economics founder Carl Menger's vision (in his 1871 book Principles of Economics) of consumer sovereignty, whereby consumer preferences, valuations, and choices control the economy entirely (a concept directly opposed to the Marxian perception of the capitalist economy as a system of exploitation).

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