Fashion and Capitalism

Aditya Chakrabortty from The Guardian reviews the fashion market and its economic effects. Playing as a rather unique industry--high in capital, old in existence, and simply more than the making of sales--fashion is stated to be going through changes no other industry has gone through. Chakrabortty refers to it as a “biennial marketing blitzes” between fashion fashion and luxury fashion and analyzes the economic repercussions for both crazes.

It can be connotated that there is great chasm between the two because fast fashion does not want to be associated to luxury fashion because of high price and luxury fashion does not want to associated to fast fashion because of low quality.

“High fashion doesn't like being lumped in with the likes of Primark,” says Chakrabortty in the article. And fast fashion allows communities from different social classes who may not be able to afford these initial luxury goods to gain access to the latest trends at a more affordable price.

However, this increasing divide can create monopolies and unsafe working conditions Chakrabortty warnes. In ownership of sixty percent of luxury goods, the fashion industry can play by international rule to avoid tax liabilities as well as continue selling their advertising rates specifically when it comes to fashion publishing according to Stiched Up written by Tansy Hoskins (2014).

As for further scrutinizing and not playing by the ethical rules, fast fashion can do harm to both the environment and people manufacturing the products. Aditya Chakrabortty mentions the collapse of the Rana Plaza factory in Bangladesh which killed over one thousand people. This event is so significant for the fashion industry to initiate corporate social responsibility and accountability because that factory was listed in manufacturing clothing for fashion brands like Joe Fresh, JC Penneys, Wal-Mart, and more.

This goes over economic terms of supply and demand and the imbalance between the two which can create separations like what Aditya Chakrabortty is discussing in this article. When there is too much supply, prices go down cheapening both the product and the wage of the worker making it. When there is too much demand, prices go up creating exclusivity and potential monopolies. Overall, though the fashion industry plays as a unique market for expression and art, it creates major effects on the economy.

-MASR

#fashion #CAPITALISM #sustainability #ECONOMICS #retail