Changes

The consumer economy began to expand exponentially in the early- to mid-20th century. Around the early 20th century, the growth of consumer rights and activist movements also commenced, with the creation of organizations such as the National Consumers League.<ref>[http://memory.loc.gov/ammem/coolhtml/ccpres05.html Introduction to ''Prosperity and Thrift''], from ''Prosperity and Thrift: The Coolidge Era and the Consumer Economy, 1921-1929'', Library of Congress.</ref> It has been said that two-thirds of jobs in the [[Directory:United States|United States]] are now tied either directly or indirectly to the consumer economy.<ref>''[http://www.amazon.com/gp/product/0670887366?ie=UTF8&tag=mywikibizcom-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0670887366 The Support Economy: Why Corporations Are Failing Individuals and The Next Episode of Capitalism]'', Shoshana Zuboff & James Maxmin, [http://books.google.com/books?id=pn-7AAAAIAAJ&q=%22in+the+US+economy+were+directly+or+indirectly+dependent+upon+consumer+expenditures+making+consumers+responsible%22&dq=%22in+the+US+economy+were+directly+or+indirectly+dependent+upon+consumer+expenditures+making+consumers+responsible%22&lr=&ei=jtQCS6ubM5zGNfqnzNoO pg. 8].</ref> Such a reliance on one aspect of the overall economy has its own set of risks.

The consumer economy began to expand exponentially in the early- to mid-20th century. Around the early 20th century, the growth of consumer rights and activist movements also commenced, with the creation of organizations such as the National Consumers League.<ref>[http://memory.loc.gov/ammem/coolhtml/ccpres05.html Introduction to ''Prosperity and Thrift''], from ''Prosperity and Thrift: The Coolidge Era and the Consumer Economy, 1921-1929'', Library of Congress.</ref> It has been said that two-thirds of jobs in the [[Directory:United States|United States]] are now tied either directly or indirectly to the consumer economy.<ref>''[http://www.amazon.com/gp/product/0670887366?ie=UTF8&tag=mywikibizcom-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0670887366 The Support Economy: Why Corporations Are Failing Individuals and The Next Episode of Capitalism]'', Shoshana Zuboff & James Maxmin, [http://books.google.com/books?id=pn-7AAAAIAAJ&q=%22in+the+US+economy+were+directly+or+indirectly+dependent+upon+consumer+expenditures+making+consumers+responsible%22&dq=%22in+the+US+economy+were+directly+or+indirectly+dependent+upon+consumer+expenditures+making+consumers+responsible%22&lr=&ei=jtQCS6ubM5zGNfqnzNoO pg. 8].</ref> Such a reliance on one aspect of the overall economy has its own set of risks.

Professor Peter Spencer of the Ernst & Young [http://www.ey.com/UK/en/Issues/Business-environment/Financial-markets-and-economy/Economic-Outlook ITEM Club] concluded that the consumer economy in the United Kingdom would not recover from the late-2008 recession until 2011. <ref>Wallop, Henry & Conway, Edmund (2008). [http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3227351/Consumer-economy-will-not-recover-until-2011.html "Consumer economy will not recover until 2011"]. ''The Telegraph'', telegraph.co.uk.</ref> Ann Kramer, in turn, has proposed a new economic system as an alternative to a consumer-based economy, due to the effects of the recent recession. Dubbed "Partnerism", the proposed economic framework would implement equal cooperation between all sectors of the economy, elevating the significance of what the author perceives as marginalized sectors. Kramer believes that the 2008 bailout of financial institutions in the United States was not a sustainable model, commenting that "Wall Street has been acting like drunken fools". <ref>Kramer, Ann (2008). [http://www.opednews.com/articles/Time-to-reinvent-the-econo-by-Ann-Kramer-080925-427.html "Beyond the Consumer Economy: Partnerism"]. ''OpEdNews''</ref>

</ref> Professor Peter Spencer of the Ernst & Young [http://www.ey.com/UK/en/Issues/Business-environment/Financial-markets-and-economy/Economic-Outlook ITEM Club] concluded that the consumer economy in the United Kingdom would not recover from the late-2008 recession until 2011. <ref>Wallop, Henry & Conway, Edmund (2008). [http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3227351/Consumer-economy-will-not-recover-until-2011.html "Consumer economy will not recover until 2011"]. ''The Telegraph'', telegraph.co.uk.</ref> Ann Kramer, in turn, has proposed a new economic system as an alternative to a consumer-based economy, due to the effects of the recent recession. Dubbed "Partnerism", the proposed economic framework would implement equal cooperation between all sectors of the economy, elevating the significance of what the author perceives as marginalized sectors. Kramer believes that the 2008 bailout of financial institutions in the United States was not a sustainable model, commenting that "Wall Street has been acting like drunken fools". <ref>Kramer, Ann (2008). [http://www.opednews.com/articles/Time-to-reinvent-the-econo-by-Ann-Kramer-080925-427.html "Beyond the Consumer Economy: Partnerism"]. ''OpEdNews''</ref>Borrowing by US consumers has fallen markedly with rising unemployment exceeding 10% and consumer credit has fallen by 10%, in excess of  five times what economists had predicted.<ref name="sox"/>

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