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A lecture by CA M.R. Venkatesh in India. Notice that this lecture was uploaded on googlevideo on 10 Feb 2008. The Economist cover that he refers to was published in Jan 2008. This is a very insightful and interesting lecture. Worth a consideration even if you do not agree with all what he says. --- By encouraging LOCAL CONSUMPTION I think he means developing a locally sustainable economy with a savings culture and responsible consumption.--- The point about the connection between family and consumerism may have been loosely argued in the lecture but it is not totally baseless. If considered in the broader context of the rise of individualism and materialism in America it makes sense. Individualism seeks identity. Materialism suggests finding that in competitive consumption of material goods. Hence the idea of shopping for identity - what you consume and how much you own define you.--- Also see Story of Stuff and Confessions of an Economic Hitman videos on this site.

Added by Abuzari on 07-11-2008
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