Updated: Aug 20, 2021

The view that economic life should be organized for the benefit of consumers, rather than producers. Because consumers are individuals while producers are mostly organized in firms, and consumers spread their purchases over a much wider variety of goods and services than most firms produce, consumers are mostly less well informed and less organized than producers. Consumerism takes the view that where the interests of consumers and producers clash, the law should take the side of consumer protection against firms’ profits or their workers’ job security.

Reference: Oxford Press Dictonary of Economics, 5th edt.

Sources & references
Risk disclaimer
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.