Defining Capitalism and Consumerism

Scholars have traced the beginnings of modernity to the Industrial Revolution of the nineteenth century that brought about urbanization, developments in science and technology and according to Dickson, a “financial revolution”. Noted philosopher and economist Adam Smith mentions that:

"Every individual is continually exerting himself to find out the most
advantageous employment for whatever capital he can command. It is his own
advantage [italics mine], indeed, and not that of the society, which he has in
view. But the study of his own advantage naturally, or rather necessarily, leads
him to prefer that employment which is most advantageous to the society.” (The
Wealth of Nations)

Smith’s theory of the laissez faire assumes that the self-motivation of men would eventually result in benefits to the society as a whole. However, as men are motivated by self-interest, free economy brought about consequences of “class conflicts, indifference, separation, exploitation of people in free market” (Goh).

With the self-interest of capitalism comes a new paradigm in the lifestyle and culture of society that is marked by consumerism. Veblen, who coined the term “conspicuous consumption” states that the “obvious implication that in order to effectually mend the consumer's good fame it must be an expenditure of superfluities” (Theory of the Leisure Class). His observation highlights the excessive nature that necessarily accompanies consumerism.

Capitalism is a multifaceted and complex social phenomenon. However, it is clear that the tenets of the two intertwined economic and social phenomenal involves an excessiveness of self-motivated desires. The summation of the definitions provided by Smith and Veblen, present an accessible starting point for the consideration of consumerism in Matilda.