Students,
The paper begins with an argument that market is not self regulating, creating, and self stabilizing. Market without regulatory regimes results in economic and political malfunction which leads to inequality and ultimately cause financial crimes. To ensure Free and fair Market Economy the state is necessary evil. The purpose of this paper is to examine the desirability and efficacy of laws available to consumers and changing behavior of consumers in contemporary era. How information revolution has thrown newer kinds of challenges to the consumers like e-commerce, cybercrimes, plastic money, etc., which affect the consumer in even bigger way. It is to argue that Indian consumers in the present context are confused of today's traditional/modern divide and opt for products that allow them to leave and enter so called modernity mindlessly. The researcher is of the opinion that a society is not a market. It is a political community. We are not in a dearth of consumer protection laws. What is in short supply is not the commodities but awareness, not law but justice.
