Reference no: EM132195241

Consumerism is the belief that the interests of consumers, rather than those of producers, should dictate the economic structure of a society. It refers to the theory that consumption of goods at an ever-increasing rate is economically desirable and equates personal happiness with the purchase and consumption of material possessions.

China’s rise to dominance in manufacturing and world trade caused it to outpace the United States as a consumer. It now exceeds the United States in consumption of basic goods such as grain, meat, coal and steel. China also surpassed the United States in greenhouse gas emissions. Some fear China’s newfound consumerism will drive up global prices for goods, as well as speed up global warming, even as other nations take measures to stop it. Chinese consumers are pushing for more cars, appliances and technology like never before. With 1.3 billion consumers, this causes a major strain on the environment. China has taken some steps to curb its negative environmental impact, such as becoming the largest investor in wind turbines in the world. Although most of China’s energy needs are still produced by fossil fuels that cause its carbon dioxide emissions to increase, renewable energy is also growing.

India, with its 1.1 billion people, is following China and the West on the consumerist path. India has the world’s fastest-growing information technology market, creating skilled, high-wage jobs for software engineers, business process experts and call-center workers. The country is well-situated to weather global recessions because much of the country’s demand for goods is domestic. India has the second-largest domestic market for goods in the world. While this demand has fueled growth, it has also led to an enormous increase in greenhouse gas emissions. India suffers from some of the worst air quality in the world. The ethics of these consumerism issues are many. Large emerging economics are the profit-making centers of the future. Most in business understand it is in the best interests of the firm that consumers need and desires are never completely or permanently fulfilled, so consumers can repeat the consumption process and buy more products. For examples, made-to-break or planned obsolescence, products are better for business since they keep consumers returning to buy more. It is also profitable to make products part of a continuously changing fashion market. Thus, items still in good condition and that last for many years are deemed in need of constant replacement to keep up with fashion trends. In this way, steady profits are assured- as well as waste. It is estimated that 1 percent of the global population has 50 percent of the wealth.

Required:

For each consumerism issue noted above, give an example. This could take some research but I want a direct example of each, not a general answer of what it is. SPECIFIC EXAMPLES will only be counted. Write minimum 150 words.Don't copy from Chegg's solution and other websites. Maintain good grammar and sentence structure.