Consumer Protection Frameworks by Enhancing Market Fairness, Accountability and Transparency (FAT) for Ethical Consumer Decision-Making: Integrating Circular Economy Principles and Digital Transformation in Global Consumer Markets

Rashmi Mishra *

University of Technology and Applied Sciences, Al Musanna, Oman.

Deepika Varshney

University of Technology and Applied Sciences, Al Musanna, Oman.

*Author to whom correspondence should be addressed.


Abstract

This research explores the evolving role of consumer protection laws for enhancing market fairness, accountability, and transparency (FAT) to facilitate informed consumer decision-making within the digital economy. Exploring international standards by The United Nations Guidelines for Consumer Protection (UNGCP), the Organisation for Economic Co-operation and Development (OECD), and the United Nations on Trade and Development (UNCTAD), as well as regional initiatives like the European Commission's, the study investigates circular economy principles for consumer resilience and marginalized groups such as low-income populations and rural communities. Utilizing a normative and exploratory research approach, data is gathered from global policy documents and scholarly sources.  Comparative qualitative analysis is conducted to identify standard practices. The significance of adopting consumer protection frameworks to study the intricacies of digital transactions and environmental sustainability and its impact on consumer protection law, which will help citizens make informed decisions. This study highlights innovative strategies, such as the OECD’s guidelines for e-commerce and national policies promoting circular economy principles. By exploring case studies from countries like Germany, the Netherlands, China, Japan, India and Oman for circular economy practices and Sweden, the United States, Armenia, Australia and Oman for financial sector improvements, the research provides the framework for improving consumer protection policies globally.

Keywords: Circular economy, consumer protection act, digital transactions, fairness, accountability, transparency (FAT), OECD, UNCTAD, UNGCP, sustainability


How to Cite

Mishra, Rashmi, and Deepika Varshney. 2024. “Consumer Protection Frameworks by Enhancing Market Fairness, Accountability and Transparency (FAT) for Ethical Consumer Decision-Making: Integrating Circular Economy Principles and Digital Transformation in Global Consumer Markets”. Asian Journal of Education and Social Studies 50 (7):640-52. https://doi.org/10.9734/ajess/2024/v50i71494.

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