A Future of Happiness: Can Markets Be Co-evolved?

Abstract

The downturn of the markets in the recent global economic crisis points to a need to question the current dynamics of the market system, a decade after the turn of the millennium. The inequalities with regard to the consumption of resources across world markets, the declared low satisfaction rates over what is offered in the marketplace, and the increasing skepticism with marketing practices are all more pronounced than ever. It is becoming evident that consumer marketing fails in constructing a happier society. Consumers, producers, and governments as the three main market stakeholders, share responsibility for the undesired consequences. This article provides a critical perspective on the contemporary paradigm that dominates marketing thought in relation to the central role and the evolving meaning of consumption in the market economy that is favored by most governments. The core position of the article is that determining happiness as the ultimate end requires a shift to a new societal orientation for all stakeholders of the market system.