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Basically, it's wrong to have a socialist government such as East Germany in which a family only gets a car after a period of three to five years, but it's not wrong to find multi-million industries like designer clothes and fancy perfumes as wasteful.
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Wait, so who gets to decide what's "wasteful", both fashion and "fancy" perfumes can easily be considered art forms. Theatre and music are also multi-million dollar industries, are they wasteful?