CONSUMER CAPITALISM Meaning and
Definition
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Consumer capitalism is an economic system characterized by the dominance of consumerism and the pursuit of profit through the production and consumption of goods and services. It refers to a type of capitalism in which the primary focus is on satisfying the desires and needs of consumers in order to generate economic growth and maximize profits.
In consumer capitalism, businesses strategically create and market products that appeal to consumer wants and needs, aiming to capture larger market shares and generate increased sales. This system relies on advertising, branding, and marketing techniques to shape consumer behavior and generate demand for goods and services. The goal is to encourage consumers to continually purchase and consume, often beyond their basic needs, thereby sustaining economic growth.
Consumer capitalism is marked by its strong emphasis on mass production and mass consumption. It is associated with a culture of materialism and conspicuous consumption, wherein individuals often judge their social status and personal success based on the accumulation and display of material possessions.
Critics argue that consumer capitalism promotes a throwaway culture, as it encourages the continuous replacement of goods and fosters waste. Moreover, it can lead to overconsumption and environmental degradation, as the extraction and production of goods often involve the depletion of natural resources and the release of harmful emissions.
Overall, consumer capitalism is an economic model rooted in the notion that sustained economic growth depends on meeting consumer demands and desires, driving businesses to prioritize consumer satisfaction and generate profit through the production and consumption of goods and services.
Etymology of CONSUMER CAPITALISM
The etymology of the term "consumer capitalism" can be broken down as follows:
1. Consumer: The word "consumer" originated from the Latin verb "consumere", which translates to "to consume" or "to use up". In its modern usage, a consumer refers to individuals who purchase and use goods or services.
2. Capitalism: The word "capitalism" stems from the Latin word "capitalis", which means "of the head" or "pertaining to the head". It originally referred to financial assets or wealth that resided primarily in the form of capital. The term was first used in English in the mid-19th century to denote an economic system characterized by private ownership of the means of production and the pursuit of profit.
When combined, "consumer capitalism" describes an economic system where consumption, driven by individual consumer purchases, plays a significant role in generating economic growth and profit.
