Tuesday, August 23, 2011

I buy, therefore I am

"The recent riots in London and other big cities were the product of an "out-of-control consumerist ethos" which will have profound impacts for the UK economy, global head of research at Tullett Prebon, Tim Morgan has said.

"We conclude that the rioting reflects a deeply flawed economic and social ethos… recklessly borrowed consumption, the breakdown both of top-end accountability and of trust in institutions, and severe failings by governments over more than two decades."

 The note pinpoints the philosophy behind the riots as consumerism. The underlying message many receive is: "Here's the ideal. You can't have it."

"The economy has been subjected to repeated 'boom and bust' cycles, above all in property. The overall pattern has been that an over-consuming west has borrowed and spent the surpluses of the increasingly productive and under-consuming East.

"The dominant ethos of 'I buy, therefore I am' needs to be challenged by a shift of emphasis from material to non-material values."

UK riots were product of consumerism and will hit economy - Guardian

A shift in values.. good luck with that.

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