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Rampant Consumerism

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Submitted By markankit
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Rampant “Rampant consumerism (seeking material goods without the ability to afford them) is one of the main causes for the current global economic crisis. Restraining consumerism remains a key task for developed countries like the US and Western Europe.” What are your views? [300-word limit]
Humans are consumers by nature and have always exploited the available resources till extinction. However, the current global economic crisis owes its genesis to the economic decision makers who opened up the financial industry by deregulation and implemented concepts like derivatives. USA and Western Europe supported lavish lifestyles on international debt, instead of investing finances strategically towards production or revenue sources. The same reflected on the citizens who had negligible savings but excessive expenditure. The ‘central bankers of the world’ introduced systems which brought instability and empowered people to consume on credit. Behaving naturally, the enticed consumers took heavy loans and bought dream possessions, which they actually could not afford. And the controllers- investment banks, insurance companies and rating agencies, removed their accountability, playing private games on public losses leading to a global financial meltdown. Even now their consumption remains so high that if everyone starts consuming like Americans, sustainability would require 7 earths.
Today, consumerism is a necessary evil – indispensable for a fast recovery of the market and economies, but having disastrous effects on the global finances, resources and environment. The ‘key task’ is to promote consumerism on sustainability models by taking measures after careful study. Financially- salaries and expenditure can have imposed limits; policy makers can be dissociated with banks and policies. Industrially- labor intensive production with more efficient processes can be promoted;

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