Journalism & Communication
Pages 10 (2510 words)
Introduction Credit cards represent a very important backbone for modern society. Part of the reason for this is because easy credit has led to the rise of mass consumerism, and has enabled every individual to be able to afford items that were only within reach to the wealthy.
That said, there are issues with credit, including the fact that credit is often abused and there is also the risk of identity theft. That said, since credit is inextricably bound with the rise of consumerism, credit is very important to society and is not likely to recede anytime soon. This paper will explain how consumerism came about, how globalization and online purchasing has changed how people buy stuff and use credit, and what the dangers are of credit. Evolution of the Economy The economy has been evolving continually, from a period of time before mass production, to mass production, to globalization. The economic realities during the 19th Century, before the advent of mass production, was that a Puritan ethos prevailed. This means that housing was sparse, money was not spent on non-necessities, such as jewelry, eating and drinking well, and fine clothing (Bocock, 2000, p. 8). This all changed with Henry Ford. Henry Ford was the father of consumerism, because, under Ford, workers were paid better. Because workers were paid better, they had more purchasing power. Because workers had more purchasing power, there was more demand for products. Consumerism was the result of this cycle (Gabriel & Yang, 1995). Suddenly, it was not just the rich who were able to consume products which were non-necessities, but everybody could (Gabriel & Yang, 1995, p. 10). ...