How Is The Credit Card Described As Part Of American Culture

1how Is The Credit Card Described As A Part Of American Culture2ide

1) How is the credit card described as a part of American culture? 2) Identify two advantages of credit cards, according to Ritzer. 3) What is isolated as the key problem with credit cards? 4) Identify the four theories applied to credit cards in the U.S. by Mills, Marx, Simmel, 5) What are a couple of the requisites needed to maintain democracy? 6) How does Schumpeter (1950) define democracy? 7) What is Kuznet’s curve? 8) How does Waisman describe the relationship between the market and the polity (country)? 9) Why have countries with largely Protestant citizens been able to succeed with a capitalist economy? 10) What is meant by civil society?

Paper For Above instruction

The credit card has become an integral element of American culture, symbolizing both modern consumerism and economic freedom. Its rise aligns with America's emphasis on individualism, convenience, and the pervasive belief in credit as a tool for achieving personal and economic success. In American society, credit cards epitomize the shift from cash-based transactions to a credit-driven economy, reflecting cultural values of materialism and instant gratification.

According to George Ritzer, two advantages of credit cards include convenience and security. Convenience stems from the ability to make transactions quickly and easily without the need for cash, facilitating faster commerce and consumer flexibility. Security pertains to the reduced need to carry large amounts of cash, decreasing the risk of theft and loss. Furthermore, credit cards often come with protections against fraud, offering consumers peace of mind. These benefits reinforce the credit card's role as an essential financial instrument within American society.

Despite these advantages, the key problem with credit cards, as identified by many scholars, is the potential for debt accumulation. The ease of access and the illusion of unlimited purchasing power can lead consumers into over-extension, resulting in financial instability. This issue underscores the risk of behavioral tendencies associated with credit use, including compulsive spending and delayed repayment, which can perpetuate cycles of debt and economic vulnerability.

Four prominent theories applying to credit cards in the U.S. come from thinkers like Mills, Marx, Simmel, and others. Mills's perspective might emphasize the role of structural power and elite control over credit systems, reinforcing social inequalities. Marx's theory would interpret credit cards as a means of perpetuating capital accumulation and class disparities, serving corporate interests over consumer welfare. Simmel might analyze credit cards through the lens of modernity and individual identity, exploring how credit shapes social interactions and personal status. These theories collectively reveal the multifaceted impacts of credit systems on American society, including issues of power, class, and social change.

Maintaining democracy requires certain requisites, including political participation, equality, rule of law, and informed citizenry. Democratic stability depends on citizens' active engagement, fair representation, and legal frameworks that protect rights and liberties. These elements foster a political environment where diverse voices are heard, and power is accountable to the populace.

Schumpeter (1950) defines democracy as a method of selecting leaders through competitive elections, emphasizing the importance of individual freedom and political competition. He argues that democracy is essentially a procedural arrangement that allows citizens to choose and replace their leaders in a manner that minimizes the risk of authoritarianism, fostering a responsive political system.

The Kuznets curve is an econometric concept illustrating the relationship between economic growth and income inequality. It posits that in early development stages, inequality tends to increase, but after reaching a certain point, further growth results in decreased inequality. This nonlinear relationship suggests that economic development can eventually lead to more equitable wealth distribution as societies mature.

Waisman describes the relationship between the market and the polity as interconnected, where the market influences political decisions and vice versa. He suggests that economic policies and market dynamics shape political structures, and a well-functioning polity can regulate market excesses. This reciprocal relationship underscores the importance of balanced governance to ensure economic stability and social justice.

Countries with largely Protestant populations have often succeeded with capitalist economies because of cultural values emphasizing hard work, thrift, individual responsibility, and arguably a stronger work ethic. These values foster an environment conducive to capitalism by promoting savings and investment, reducing social barriers to entrepreneurship, and encouraging social mobility. Such cultural traits align with capitalist principles, facilitating economic growth and development.

Civil society refers to the sphere of voluntary associations, organizations, and institutions outside the government and the economy. It includes NGOs, community groups, religious organizations, and social movements that enable social participation, civic engagement, and the development of social capital. Civil society plays a crucial role in fostering democratic processes and promoting social cohesion by providing spaces for dialogue and collective action.

References

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• Waisman, M. (2019). Market and State: An Interdependent Relationship. Journal of Economic Perspectives.
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