The inequality between rich and poor nations is now wider than it has ever been before. What do you think are the main causes of this difference and what so you think can be done to reduce the gap?
Give reasons for your answer and include any relevant examples from your own knowledge or experience.
We have developed, developing and under-developed nations on this earth and now-a days the imparity between the rich and the poor nations is alarmingly high. The rift between the rich and the poor is expanding. The rich become richer and the poor become poorer is a cry heard throughout the whole civilized world.
In my opinion, the poor nations are to a large extent responsible for the increasing disparity between the rich and the poor nations. According to John F Kennedy, ' Things do not happen, things are made to happen.' People yearn for better standards of living in under-developed and developing nations but, lack of public awareness and poor quality of governance in these nations, are somehow the root cause for such disparity. A country with corrupt leaders cannot prosper. Economic growth requires transparent and accountable governance. We need to keep a check on other factors that, in some or the other way effect the economic growth and hinder the process of development. Corruption, increasing number of crimes, continuous inflation, unemployment, brain drain, lack of education, depreciation in the value of currency due to increasing ratio of imports versus exports and increasing population are a few hurdles in the path of economic growth. The composition of population also plays a crucial role in a nations growth and development. A country with more number of elderly people and younger children is ought to prosper less as compared to a country with population comprising of youth, largely.
Every nation has limited resources but it depends upon the leaders as well as the residents of the country as to, how to make an optimum utilization of available resources. Technological advancement is just one of the reasons for economic growth. Over-populated nations usually run out of resources and hence have to look forward for aid from the developed nations. The debt keeps on increasing and so does the interest which results in depreciation of nation's currency. More debts, more interest, over population, corruption, less development and the vicious circle never ends. Natural calamities might be a reason for slow economic growth in a particular region but if the government takes necessary steps and the public is passionate about its nation, things would be different.
according to me, promoting local brands and tourism industry to attract foreign currency, providing incentives on exports, imposing taxes on imports, controlling population by creating general awareness among the people, finding ways to increase employment, choosing the right government , working out strong strategies to deal with recession and also, formulation and strict implementation of necessary laws might be a few possible steps that can be taken, not only to put a halt to the increasing inequality but instead reduce the gap between the rich and poor nations.