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Consumerism and Materialism

Masoom, Muhammad Rehan, and Md Moniruzzaman Sarker. “Rising materialism in the developing economy: Assessing materialistic value orientation in contemporary Bangladesh.” Cogent Business & Management 4.1 (2017): 1345049. Web.

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This journal article provides research into the rising materialism in the developing economy and its impact on influencing materialistic value orientation in contemporary society. Most critically, the selected journal is up-to-date, thus providing relevant insights concerning the effects of materialism on the growing economy. Evaluating people’s values orientation for materialism has attracted considerable attention from researchers in social sciences for the last few decades (Masoom and Sarker 221). Marsha Richins and Scott Dawson scales are useful and popular tools for measuring materialism. In this study, the authors examine the consumerism of Bangladesh using such instruments. Usually, materialism is the mindset that expresses the interest in getting and spending. People consider their possessions to be part of their entire living. Materialistic individuals believe they are successful based on their acquired wealth or riches – it brings social identity and is instrumental in sustaining everyday lives (Masoom and Sarker 225). It also describes individuals’ tendency to orient themselves by giving priority to materialistic needs over concerns such as freedom and convictions.

The article’s findings reveal that a new set of items can be used in determining the levels of materialism with acceptable reliability and validity for the culture of interest. Non-consistent patterns tend to emerge when relating demographics (other than age) with materialism. Literature gaps exist in understanding the nature of consumerism in developing economies (Masoom and Sarker 247). Thus, future research studies should focus on evaluating the value shift associated with a materialism value orientation.

The authors’ credentials are listed, and the journal is high ranking in the business and management fields. The authors leverage substantial preliminary studies in drawing significant findings and conclusions concerning the selected topic. The article also targets a specific audience; thus, the credibility of the considerable insights is evident in this journal article. Therefore, the selected journal will help provide an in-depth understanding of the impact of materialism value orientation on the emerging economy.

Teague, Megan V., Virgil Henry Storr, and Rosemarie Fike. “Economic freedom and materialism: an empirical analysis.” Constitutional Political Economy (2020): 1- 44. Web.

In this article, the authors sought to evaluate markets’ critical roles in developing market values by focusing on material and material possessions. Numerous researchers cite the tradeoffs between economic growth and morality. In this context, the market tends to develop market values (Teague, Storr, and Rosemarie 23). The authors’ assertions are based on the insights from the data derived from the Economic Freedom of the World project, the World Bank, and the World Values Surveys. It is critical to note that economic freedom directly influences moral or materialistic inclinations among various individuals. Ethical rules promote justice while reducing economic liberty, thus decreasing levels of prosperity. Such dynamics determine market values as far as the concepts of materialism and consumerism are concerned. Financial freedom enhances individuals’ wellbeing—it also promotes economic growth and more significant opportunities for personal progress. People have to evaluate the tradeoff between economic liberty and ethical values.

The credibility of the article is crucial in enhancing the believability of the main findings and inferences. For instance, the selected journal leverages extensive preliminary studies in drawing the main findings and conclusion of the research. The use of such studies is critical in gaining broader perspectives concerning the selected topic. Most importantly, the authors have extensive academic and professional backgrounds in the chosen field, thus enhancing their authority over the subject of interest. Secondly, the article is current and up to date, thus providing new insights concerning contemporary society’s selected topic. Recently published papers tend to provide the best available evidence in the present times, particularly concerning interest. Thus, this article is credible based on such criteria.

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The article’s primary findings reveal that the market and money do not influence greed or materialism among people. For instance, the existence of the market is crucial in making people rich and wealthier. Consequently, the market help people in diverting their focus on non-material things. Thirdly, economic freedom is associated with the increased faith in the market rules, thus limiting the need for focusing on material possessions. Financial freedom facilitates increased growth, the fulfillment of physical necessities, and increased life satisfaction. General improvement in economic freedom is associated with the advancement in values rather than degradation. However, the study has numerous shortcomings, including the World Values Survey, which may not be applicable in all regions across the globe. Conducting ethnographic studies can be useful in addressing such a limitation. Therefore, this article will help gain in-depth insights concerning the relationship between market values and economic freedom as far as the concepts of materialism and consumerism are concerned.

Schor, Juliet. The Overspent American. 2020. Web.

In this article, the author evaluates the concepts of upscaling, downshifting in the context of consumerism and materialism. Most Americans are engaging in overspending to keep with particular social pressures. The intensification and competitive spending have continued to hurt most Americans financially. The problem is worsening with the collective consumption mentality, which has had adverse implications in various sectors of the economy. For instance, it has affected education, social services, public safety, culture, and recreation (Schor, 2020). The growing pressures to upscale consumption of goods and services are associated with increased exhaustion and stress levels among the people. Some individuals have devised ways of decreasing their work hours, downshifting the consumption patterns, and earning and spending less money. The long-term impact has been increasing poverty, increasing crime and substance abuse, and other social evils.

It is critical to ascertain the credibility of the article in generating evidence. Concerning the chosen newspaper-based journal, its author has a remarkable academic and professional background in the selected journal, thus, has the authority to address the chosen topic. The article is current; hence the relevance of the insights provided in addressing the identified issues associated with increased consumerism and materialism. However, the journal lacks sufficient evidence from preliminary studies to support the assertions of the author. The authors need to gain insights from evidence-based studies when discussing critical issues, as evident in the articles, to enhance the study outcomes’ authenticity and believability.

This newspaper-based article will be crucial in providing background information concerning the impact of consumerism and materialism in society. The increased social pressure to increase spending has been associated with adverse social implications, including frustration, poverty, and reduced transfer payment. Decreased earning and spending has a significant impact on the growth of the economy. Therefore, this article helps understand the relationship among critical principles of downshifting, upscaling of spending concerning consumerism, and materialism.

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