Consumer capitalism

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The unfettered marketplace, characterized by uncertainty and the principle of caveat emptor ('let the buyer beware'), has largely vanished. Consumers are now at the center of extensive economic policies aimed at shielding them from market risks and disappointments. In advanced industrial countries, no other economic actor enjoys as comprehensive a set of legal and institutional protections as the modern consumer when shopping. Gunnar Trumbull explores the origins of national consumer protection systems in France and Germany, where, in the early 1970s, consumer groups and producers collaborated to shape the identity and interests of the affluent consumer. By examining eight policy areas—product liability, safety standards, misleading advertising, comparative tests, labeling, quality standards, consumer contracts, and pricing—Trumbull reveals the emergence of differing conceptions of consumer interests in both countries. This divergence led to the establishment of unique national consumption regimes, which have influenced domestic producers' market strategies. His findings shed light on national responses to recent product crises, such as BSE and genetically modified foods, suggesting that in consumer capitalism, national competitiveness may depend not only on labor and capital but also on the institutional frameworks governing consumption.