TITLE - CONSUMER PROTECTION AND GLOBAL
ECONOMY – WITH REFERENCE TO G.M. FOODS
Table
of Contents
1. Introduction
Consumer protection consists of laws and organizations designed to
ensure the rights of consumers as well as fair trade competition and the free
flow of truthful information in the marketplace. The laws are designed to
prevent businesses that engage in fraud or specified unfair practices from
gaining an advantage over competitors and may provide additional protection for
the weak and those unable to take care of themselves. Consumer protection laws
are a form of government regulation which aims to
protect the rights of consumers. For example, a
government may require businesses to disclose detailed information about
products, particularly in areas where safety or public health is an issue, such
as food. Consumer protection is linked to the idea of "consumer
rights" (that consumers have various rights as consumers), and to the
formation of consumer organizations, which
help consumers make better choices in the marketplace and get help with consumer complaints. Other
organizations that promote consumer protection include government organizations
and self-regulating business organizations such as consumer protection agencies
and organizations, the Federal Trade Commission, ombudsmen,
Better Business Bureaus, etc.
Genetically Modified Foods are consumer-based
crops that are given unique characteristics using Genetic Engineering. These
characteristics allow higher economic profit as compared to conventional plant
crops, but have shown to be detrimental to the environment. This research
report is aimed at assessing the suitability of consumer protection with
reference to the Genetically Modified Foods, which will be achieved by coming
up with an objective understanding of Genetically Modified Foods through
primarily considering the surrounding economic and environmental issues.
The results of the report show that while
Genetically Modified Foods are highly beneficial towards the global economy and
should be produced at a commercial level, investment is recommended for research
concerning the risks of Genetically Modified Foods. This is supported by
compiled evidence of the harms and uncertainty of Genetically Modified Foods
from past literature.
1.1.
Consumer Awareness
The process of development along
with the expanding globalization and liberalization process has increased the
number of consumer related issues. Consumer protection has earned an important
place in the political, economic and social agendas of many nations. In India,
the Government has taken many steps including legislative, to protect
consumers.
However, this is largely unknown
to many citizens irrespective of whether they are educated or uneducated. With
an enormous population along with high levels of poverty, unemployment and poor
literacy levels, consumer awareness continues to remain low. Education is a
lifelong process of constantly acquiring relevant information, knowledge and
skills. Consumer education is an important part of this process and is a basic
consumer right that must be introduced at the school level. Consumers by
definition include all citizens who are, by and large the biggest group, who
are affected by almost all government, public or private decisions. The most
important step in consumer education is awareness of consumer rights. However,
consumer education is incomplete without the responsibilities and duties of
consumers, and this influences individual behaviour to a great extent. With the
increasing changes in economic conditions, the children especially are becoming
young consumers at an early age. Children must learn to obtain information
about goods and services, understand the psychology of selling and advertising,
learn to shop wisely and distinguish between wants and needs. They must also
understand the alternatives of conserving and saving rather than buying and
consuming.
Children are spending more of
their leisure time watching television at the cost of other pursuits such as
reading or sports. With the introduction of a number of specialized satellite
channels, television enjoys a large viewership base consisting of children.
Exposure to the marketplace as young shoppers has made most children aware of
the different kinds of products that are available. Advertisements are no doubt
an important source of information as they help to inform consumers about the
availability of different products before making their choice. A majority of
the advertisements are aimed at young children today, especially those covering
food products, beverages and cosmetics (especially toothpaste/fairness creams).
Advertising influences the food preferences and eating habits of children to a
large extent.
Unfortunately, many
advertisements make false promises, are highly exaggerated and give incomplete
descriptions of products. The media, schools and parents along with consumer
groups need to help children develop the ability to understand the purpose of
advertising. There is so much more information available to children that they
must perceive the importance of distinguishing between different sources of
information.
The consumption patterns are
changing fast and children today are very clear on their choices regarding
food, clothing, cosmetics or accessories. Parents are increasingly permitting
their children to take decisions when shopping. It then becomes very important
for children to check details (for example, labels) before buying products.
Children can be taught to shop wisely and a few simple precautions will ensure
that they choose the right product at the right price. It is but natural that
parents wish the best for their children, and strive hard to fulfill their
demands. But this is not always a good idea as it affects both the parents and
children in a negative way in the long run.
Consumer education also involves
environmental education as it deals with the importance of conserving (natural
resources) and sustaining (recycling and reusing) the environment, including
the direct health effects of environmental pollution and toxic products on
consumers.
Schools must incorporate
consumer education into school curricula as it is important to impart the
practical skills and critical ability needed to cope with social and economic
changes.
Anyone
who consumes goods is a consumer. Consumers get exploited in the market. They
respond to advertisements and buy goods. Generally advertisements do not give
all the information that a consumer needs to know or wants to know about a
product.
Definition
Consumer awareness is making the consumer aware of His/her rights. Consumer awareness is a marketing term. It means that consumers note or are aware of products or services, its characteristics and the other marketing P's (place to buy, price, and promotion). Usually commercials and ads increase consumer awareness, as well as "word of mouth" (a comment from someone you know about a product or service).
Consumer awareness is making the consumer aware of His/her rights. Consumer awareness is a marketing term. It means that consumers note or are aware of products or services, its characteristics and the other marketing P's (place to buy, price, and promotion). Usually commercials and ads increase consumer awareness, as well as "word of mouth" (a comment from someone you know about a product or service).
Need:
we need it so we will not be misled by producers, it explains if what we buy is worth to our money and not harmful to us and to environment.
we need it so we will not be misled by producers, it explains if what we buy is worth to our money and not harmful to us and to environment.
Many
people are ignorant of their rights to get protected against the exploitation
by so many others. So when there is a forum for such redress of grievances
there seems to be no such exploitation by many; and becomes a rare one. So in
order to get a clear picture of the level of exploitation of consumers, the
awareness is required.
To read more…….
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