From Developing to Under Developing Economies - The Storyline of Slavery and Nowadays Consumption
Abstract
Even though many individuals may perceive slavery as a past memory, it nonetheless has a significant impact on society today on a multitude of levels. The modern slavery phenomenon is the consequence of past slavery as it currently exists. Its worldwide effects range from social and cultural impacts to economic and business-related implications. The purpose of this paper is to explore various papers and studies within the academic and grey literature on the profitability of both past and modern slavery, with a focus on how modern slavery may encourage consumption in different industries. The present paper's purpose was accomplished using a qualitative research methodology, more precisely, content analysis. The findings indicate that, in contrast to past slavery, which is typically viewed as profitable and the main driving force of the economic development of certain wealthy empires, such as the British, and Dutch empires, modern slavery has a negative impact on the global economy, contributing to poverty and underdevelopment. Moreover, the fast fashion industry provides several examples of cases in which modern slavery was used to increase consumption in this field. The conclusions of this article raise serious concerns about the issue of modern slavery since it perpetuates economic underdevelopment and poverty, and because the process of uninformed consumption in some industries may contribute to the persistence of this phenomenon. Therefore, this stringent matter allows opportunity for more research and discussion.