India's New Generation Impatient?

India’s economy is growing at a record rate! All business channels are talking about India’s ROBUST CONSUMPTION STORY! The young Indian is unafraid, impatient, knows what she wants and gets it! That’s because Indians have started earning good sums of money. And those Indians want to spend on luxury, enjoyment; on what they deserve. We Indians are living up to our expectations! We’re buying expensive gadgets, going on expensive vacations, compromising on nothing less than elite brands for perfumes, clothes, electronics, mobile phones, laptops...

There are 2 concepts in economics – Conspicuous Consumption & Conscientious Consumption. The former is applicable when brand equity overshadows value for money as buyers want to be seen using snob value goods. This was applicable in developed countries until recently. However, it’s now more applicable in India while the latter (conscientious consumption) is applicable today in developed countries. Conscientious Consumption is when value and functionality of goods have more weightage in consumers’ minds than the brand.

People today are encouraged to buy more than they can afford because of loan schemes being offered on everything. So we buy all we want, keep paying off the loans and live on a paycheck-to-paycheck basis. But what’s the ulterior motive in this?

We shell out dollops of our hard earned money to buy things we want. We seemingly take pleasure in using high quality commodities thinking they provide respite from our mundane work lives. The big guns (politicians, big industrialists, etc.) are covertly having the media drive into us the logic that we can buy expensive iPads, cars, Sony BRAVIA TVs, etc. to enjoy the spoils of our earnings. This, we’re made to believe, will make the frustrations at work feel worthwhile. But whose coffers are these filling? The sellers', loan providers' and invariably - through various taxes - the government's. So who thinks they’re richer? We. But who actually grows richer? Those people suck the money out of us.

This logic gets me to another point. In the desire to own more, we start putting up with all sorts of crap. True, we hop jobs… but we’re still working for others. This yearning for money to buy more ensures we do what the higher ups want us to, the way they want us to, when and how they want us to. Some of us try being entrepreneurs, but how many of us seriously risk all we have for something we’re passionate about? The fear of losing it all has been instilled in us. So we toe in line and do not venture off in directions which might make it hard for corporates to retain talent for less. This is the same reason why the education curriculum does not get revamped either. They (politicians, big industrialists, etc.) want us to retain the mindset of learning all we NEED to for a JOB. We focus on placements, salaries, etc. We continue doing work they have chalked out for us to fatten their pockets. We are exposed to redundant educational curriculum to ensure we learn doing things the way they were and are being done. Innovation is barely ever encouraged, unless it makes money for the big bosses.

We’re being conned gradually, and we don’t even know it. The bigwigs don’t want us to think. They act like they’re offering us a lot of freedom, but it’s all well orchestrated. We spend; we make money for banks, industries, the government. Savings in U.S.A. have come down drastically from 8% of the GDP some years ago to less than 0.5% now. The repercussions are that the average American is $22,000 in debt. All this leads to rallies like Occupy Wall Street. The format is now pilfering down to us. Are we prepared to see the truth the way it is? Or are we going to learn the hard way! I guess only time will tell…

Why "Occupy Wall Street"?

Michael Moore said “This was inevitable! We’ve rewarded greed until now. 1% of the population gets 99% of the pie, and the remaining 99% is expected to fight over the left over 1%.” He was just reiterating the well known fact – 96% of the world’s wealth lies with 4% of the people, and 4% wealth is left for the remaining 96%.

“Occupy Wall Street” as phenomenon, spread like wildfire across the world. Rebadged “Indignant” in Spain, this movement has spread to UK, Rome and many other countries.  What started with a mere dozen protestors in New York now has hundreds of thousands of participants rallying all over the world. These demonstrators in nine hundred cities protested against corporate greed and wealth inequality. Protesters from London to Sydney echoed the anti-capitalist, populist rhetoric of the Occupy movement in what was deemed a "global day of protest" (TIME).

Is it unjustified? Are we going to claim that the governments are being arm – twisted by citizens, like quite a few people stated about the latest protests in India?

Well, unemployment continues to hover around the 10% mark in the US. GDP is growing at 0.4%. The 2 Quantitative Easing programs implemented by the US government have barely done the country any good. A mounting European sovereign debt crisis has contributed to ongoing market volatility and fears of another global economic recession. Joblessness is on the rise everywhere; be it Nokia, or HP, CISCO… the list can go on and on! Research reports have stated it was greed and malpractices on part of certain banking institutions that led to the sub – prime crisis and the Greece default. Legitimate action against any perpetrators is still pending.

The Great Depression, according to the documentary Zeitgeist, was engineered by certain powerful banks in USA. So were the recent recession and the financial disasters in European countries. The famines in India in the 70s, the tyranny in Egypt and Libya, relentless terrorist attacks in Pakistan; all have been orchestrated by powerful entities which wanted to fill their pockets at the extent of common man. A handful of powerfully connected and wealthy entities continue to push common man against the wall.

The Indian media declares this Occupy Wall Street movement to being spurred by the Anna Hazare anti – corruption campaign in India.  But I would beg to differ. This has been the Year of Revolutions. Starting with Egypt, revolutions spread to Libya, the Gulf, Yemen, India, US, UK and now Europe. Karl Marx had theorized that there is always one point in society when the labour class goes at war with the bourgeois. Malcolm Gladwell, in The Tipping Point writes that there comes a point when a sort of saturation level is reached and the balance of the scale tips. This tip in scale brings about actions to counter the existing norms; be it violent or non – violent. Are we seeing the beginning of one such revolution in human civilization now?