suggestion of globalisation and consumerism
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Answer:Abstract
The change in the global regulation of economy is evident and apparent. The invasion of market-oriented system over the laissez faire policy is accepted on ‘the premise that the unrestrained interaction of competitive forces will yield the best allocation of our economic resources, the lowest prices, the highest quality and the greatest material progress.’ In any market economy consumers are central to the Government, Producer, and Retailers. The competition policy across the globe is paid heightened attention at both the national and the international level. Consumerism is likely to dominate the Indian market in the next millennium, thanks to the economic reforms ushered in and the several agreements signed under the World Trade Organization. The transition will be from a predominantly “sellers market” to a “buyer’s market” where the choice exercised by the consumer will be influenced by the level of consumer awareness achieved. The players are the consumers represented by different voluntary non-government consumer organizations, the Government, the regulatory authorities for goods and services in a competitive economy, the consumer courts, organizations representing trade, industry and service providers, the lawmakers and those in charge of implementation of the laws and law.