Consumer capitalism has become prevalent in modern day economies as the influence that companies have over society continues to grow. While the influence of companies grows on, the changes they have to the economy and their control of it have become worrisome. As the control of companies grows, the power of the average citizen continues to diminish. The less power that people have over themselves, the easier it is to control them, either through prices of a product or by controlling what society values.
Consumer capitalism has created opportunities for companies to have complete reign over important products, not just commodities that are not needed for life. Giving such power to a company is harmful to the average citizen, as those who need certain items cannot access them, such as medication. According to American Progress, “Pharmaceutical companies’ profit margins receive significant bumps when they launch new drugs, specifically specialty drugs, used to treat life-threatening conditions. These drugs often cost more than most Americans can afford. Pharmaceutical companies have stated that the prices are high because the drugs are difficult to manufacture. In 2013, for example, industry giant Gilead Sciences launched Sovaldi, a hepatitis C drug, at $1,000 per pill, or $84,000 per treatment, which could last 12 to 24 weeks. After an 18-month investigation into the company’s pricing, the Senate Finance Committee concluded that Gilead had pursued a marketing and pricing strategy designed to ‘maximize revenue with little concern for access or affordability.’” This manipulation of prices for the consumer only happens due to the liberty the government has given the pharmaceutical companies. This not only harms the many Americans who cannot afford the inflated prices, but it also sets the bar for other companies who are manufacturing the same drugs, raising the prices for every company as well. This manipulation of the people just to exploit more money out of them has limited the medicines’ ability to save so many lives and hindered the progress of society itself.
The actual values that consumer capitalism promote have also created new societal norms which have negatively changed the way many people value their lives. The best way to promote consumer capitalism is not to improve the value of stocks for many shareholders, or to help improve the well-being of the average American, instead, the National Library Of Medicine states, “Strong materialistic values help to maintain consumer capitalism, but they can have negative consequences for individual well-being, for social equity and for environmental sustainability… Materialistic values were negatively associated with sufficiency attitudes, mindfulness, and flow experiences. We conclude with practical considerations and suggest next steps for tackling the problematic aspects of materialism and encouraging the development of sustainable well-being.” So, companies who understand this not only do not care, but continue to promote materialistic values, through advertisements, social media, the news, and more. Now, society itself has almost fully been centered around consumer capitalism. The MIT press states, “The commodification of reality and the manufacture of demand have had serious implications for the construction of human beings in the late 20th century, where, to quote philosopher Herbert Marcuse, ‘people recognize themselves in their commodities.’ Marcuse’s critique of needs, made more than 50 years ago, was not directed at the issues of scarce resources or ecological waste, although he was aware even at that time that Marx was insufficiently critical of the continuum of progress and that there needed to be ‘a restoration of nature after the horrors of capitalist industrialization have been done away with.’ Marcuse directed his critique at the way people, in the act of satisfying our aspirations, reproduce dependence on the very exploitive apparatus that perpetuates our servitude. Hours of work in the United States have been growing since 1950, along with a doubling of consumption per capita between 1950 and 1990.” The dependence on commodities to try to have a pleasing life is the direct cause of consumer capitalism, and it needs to be stopped. Even if, according to World Atlas, “The first benefit of consumer capitalism is increased economic growth particularly in developed countries such as America. Secondly, sellers enjoy increased revenue from their sales. Thirdly, consumer capitalism increases competition which leads to better quality and variety of products in the market. It also promotes division of labor which in turn encourages specialization in industries such as automotive manufacturing.” These benefits do not outweigh the horrible consequences of consumer capitalism.
The economic system itself would theoretically work, if the value of the everyday person was valued and their shares were respected, however, human greed makes it uncappable for the system to work as intended.
