Word: consumptionism
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It was hot chocolate like we’d never tasted before. Our consumption of our drinks was only interrupted by exclamations of delight. Whatever it was, it was thick and rich, but somehow decidedly not-chocolatey. Our bellies and our sense of superiority satisfied, we soldiered on to the...
The magnitude of the recent recession has raised fears among some economists that Americans might significantly alter their spending patterns, shifting away from the high levels of consumption that have characterized recent years of economic growth.
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For Nic Marks, the key shift introduced by the HPI is its "move away from measuring production and toward measuring consumption. The HPI serves as a signpost pointing more toward a society we want to live in - the delivery of good lives rather than the delivery of more goods."
India maintained robust growth without Beijing's hefty stimulus in part because it is less exposed to the international economy. China's exports represented 35% of GDP compared with only 24% for India in 2008. Thus India was afforded more protection from the worst effects of the financial crisis in...