Consumerism Essay

486 WordsApr 28, 20132 Pages
Consumerism is a social and economic order that encourages the purchase of goods and services in ever-greater amounts. The term is often associated[by whom?] with criticisms of consumption starting with Thorstein Veblen. Veblen's subject of examination, the newly emergent middle class arising at the turn of the twentieth century,[1] comes to full[citation needed] 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. Sometimes, the term "consumerism" is also 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 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.[2] In economics, consumerism refers to economic policies placing emphasis on consumption. In an abstract sense, it is the belief that the free choice of consumers should dictate the economic structure of a society (compare producerism, especially in the British sense of the term). Using latest figures available, in 2005, the wealthiest 20% of the world accounted for 76.6% of total private consumption. The poorest fifth just 1.5%: Compulsive buying disorder (CBD), or oniomania, is characterized by an obsession with shopping and buying behavior that causes adverse consequences. Most people with CBD meet the criteria for an axis II disorder. CBD is found in 5.8% of the United States population, approximately 80% of those affected are female. CBD is frequently comorbid with mood, anxiety, substance abuse and eating disorders. People who score highly on compulsive buying

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