Lecture 3: Politics of Consumption Flashcards
What is the Trickle-Down Effect in China’s politics?
The belief that wealthy consumption benefits society by stimulating the economy.
How does the Trickle-Down Effect impact society in China?
It increases demand for goods/services, creating jobs and opportunities.
How is consumer culture related to the Trickle-Down Effect in China?
It highlights economic class interconnectedness and consumption’s role in economic strategies.
What was a patriotic act of consumption in the USA post-9/11?
Consuming American products.
Give an example of politicized consumption in the USA post-9/11.
Renaming French fries to ‘Freedom Fries.’
How does consumer culture relate to USA’s consumption post-9/11?
It shows the politicization of consumption, using it to express national identity and solidarity.
Why is the housing market closely linked to politics?
Lives depend on it.
What is use value in the context of housing?
The value in what it is used for, e.g., people buy homes for practical use.
What is exchange value in the context of housing?
The actual value in the market, e.g., financial investment, economic status, identity.
How have generational inequalities affected the housing market?
It has become harder for this generation to buy homes; older generations rent to the younger generation; many young people commit to 30-year mortgages to avoid renting for life.
What happens when house prices drop?
Leads to foreclosures and loss of homes.
What happens when house prices rise?
Gentrification and growing social housing waiting lists.
What is transnationalism?
Nationalism that exceeds territories, considering the increased interconnectivity of everything.
Define nationalism.
Identifying with one’s own country and its interest, usually promotes ethnocentric consumption.
What is ethnocentric consumption?
Consuming from one’s country, associated with national identity.
