Topics: Economics, Economy, Unemployment Pages: 4 (1146 words) Published: October 25, 2013
The Effects of Consumerism
Posted by Amitabh Shukla on July 2, 2009 in World Economy
Consumerism is becoming the hallmark of most world economies. In the West, it is a common phenomenon, but now even developing countries in the world are resorting to it. Consumerism refers to the consumption of goods at a higher rate. The economy is judged by the production and selling of goods. The gross national product is the sum total of goods and services produced for a specific period at a specific time. The more goods produced and consumed by society the higher the growth rate of the economy. The prosperity of a nation is judged by the per capita income of individuals residing in it. The economy is considered to be” doing well” if the purchasing power of the people is high. In consumer society, people replace their goods with newer ones. They purchase goods, use them and throw them away. New goods when they become old are replaced by newer ones. The question of repair does not arise People have money to purchase goods in plenty. In case, they do not do so as it leads to recession and depression and also results in unemployment. What are the effects of the consumerism?

Consumerism is appreciated in Western economies since a person’s standard of living is valued by his or her material possessions. There are certain positive effects such as: Positive Consumerism Effects:

Primary positive consumerism effects are:
More industrial production.
A higher growth rate economy.
More goods and services available.
More advertising since goods manufactured have to be sold.
Increased production will result in more employment opportunities. A variety of goods and services to choose from.
More comforts for a better living style.
There are always certain pitfalls to a given situation in a society. Material prosperity may be there in consumerism but, it has its negative effects on the people and society at large. Negative Consumerism Effects:

Top negative consumerism...
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