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Less Interventionist Approach in Consumer Policy - Term Paper Example

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This work "Less Interventionist Approach in Consumer Policy" describes the complex relationship between consumer behavior and businesses’ competition. The author focuses on the development of the most cost-effective institutional setups to effect positive change in consumer policy implementation. This work presents behavioral economics improves and increases the performance of consumer policies. …
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Less Interventionist Approach in Consumer Policy
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Download file to see previous pages Consumer policies are founded on the notion of providing the freedom to consumers in an effort to satisfy their needs and wants. Consumer policies are especially important in countries like the former USSR where consumption was deliberately restricted to favor industrial and military development. There is a probability that in the future, consumer freedoms and interests will be curtailed in favor of environmental conservation and preservation. Conventional consumer policies are aimed at regulating consumer freedom and interests, and they have increasingly attracted criticism over time. This has been due to their expensive nature, paternalistic perception, economic irrationality, and rigidity with respect to the real-world market forces of demand and supply. Policymakers have the ability to change this by empowering and protecting consumers in modern markets by employing fewer interventionist approaches.
Consumer movements that prefer and promote, through structured social movements, self-regulation through increased awareness and participation of producers (Reich, 1992 p268), lead in criticizing present-day consumer policies. Allowing for self-regulating systems, with respect to consumer protection, is tantamount to giving power to the system, which subsequently empowers the people. This consideration gives consumers the responsibility of decision making, which will, in turn, give them the ability to hold local decision and policymakers accountable. Additionally, it gives consumers more choice and opportunity to influence the way that services are delivered (Akinbami, 2011 p142). Consumer policies that are too intrusive tend to impose extra costs on businesses, drive prices up, and inhibit innovation and competition, which eventually damages the economy. Self-regulation is a characteristic of consumer policies where regulation is self-imposed by consumers as well as the private sector. In India, the Consumer Protection Act of 1986 has significantly contributed to increasing, in social accountability of Indian companies to a new level that was never witnessed before (Sanne, 2002 p278). There have been increasingly visible changes, over time in terms of the behaviour of the urban business community, which has coerced itself to self-regulate towards better consumer standards (Amir & Lobel, 2008 p2100). ...Download file to see next pagesRead More
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