Consumerism

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Consumerism

Consumerism (/kənˈsjuːmərɪzəm/; from Latin consumere, "to consume") is a social and economic order that encourages the acquisition of goods and services in ever-increasing amounts.

Etymology

The term "consumerism" was first used in 1915 to refer to "advocacy of the rights and interests of consumers" (Oxford English Dictionary). However, in this article, the term "consumerism" refers to the sense first used in 1960, which refers to the concept that consumers should be better informed about products and services, and that there should be greater transparency from manufacturers and service providers.

Definition

Consumerism is the theory that states that increasing consumption of goods and services purchased in the market is always a desirable goal and that a person's wellbeing and happiness depends fundamentally on obtaining consumer goods and services. Consumerism is often associated with capitalism and is driven by money and the desire to acquire goods and services.

Related Terms

  • Capitalism: An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
  • Money: A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.
  • Consumption (economics): The use of goods and services by households.
  • Consumer protection: The practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace.
  • Materialism: A tendency to consider material possessions and physical comfort as more important than spiritual values.

See Also

External links

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