Abstract
Consumerism is an ancient concept that is capturing much attention in recent literature. The consumerism movement was developed in response to power imbalances between companies and the consumer in an increasingly marketized world. It is focused on promoting consumers' rights, market transparency, and consumer freedom of choice. Consumerism aims for market equalization, meaning well-balanced markets, in which market inequalities are reduced, providing a better functioning market environment for both companies and consumers. Being initially designed to revolutionize transactions in the financial system, blockchain is a disruptive technology with potential applications in many different areas. Blockchain is a public, immutable, and permanent ledger, which works as database in a decentralized network, using cryptographic codes. Framed by consumerism literature, this chapter explores the potential applications of blockchain technology, by focusing on key consumerism claims, including marketing ethics, the security of e-commerce transactions, and supply chain traceability and transparency.
TopEthical Consumerism And Blockchain
The consumerism literature typically identifies three waves of consumerism: i) the first wave was characterized by consumer movements focusing on the value of money, product information, labeling and consumer choice; ii) the second comprised product safety and corporate accountability and; iii) the third and most recent wave consists in ethical consumerism as a combination of environmentalism and citizenship (Kotler 1972; Koos, 2021; Lang & Hines, 1993). Ethical consumerism involves a conscious choice to use products selectively based on personal and moral beliefs and can be understood as an expression of ethical concerns about products and organizations (Cho & Krasser, 2011).
Key Terms in this Chapter
Market Equalization: A fair and well-functioning market structure based on the equalization of market power between companies and the consumer.
Circular Economy: An economic model based on recycling, reusing, and remanufacturing, as a means of achieving sustainability objectives.
Consumerism: The pro-consumer movement, meaning a social movement focused on consumers’ interests, rights, and welfare.
Sharing Economy: An economic model in which assets or services are shared between consumers in a peer-to-peer system.
Smart Contracts: A set of digitally defined rules based on protocols in which participants can decide to automatically enforce these rules.
Ethical Consumerism: Consumers’ decision to consume products or services selectively based on personal and moral ethical beliefs.
Blockchain: A public, immutable and permanent ledger, which works as database in a decentralized network, using cryptographic codes.