Essay on Economics

Today, the inequality in the society is one of the major problems that threaten to the stability of the society and future development of the nation. In fact, the major problem is the growing disparity between the rich and the poor because the widening gap between these two social strata leads to the growing social tension. At the same time, often the rich and top executives are responsible for economic crises and consistent deterioration of the quality of life of the poor because the economic recession is the matter of financial losses for the rich, while it is the matter of survival for the poor. In such a situation, the trend to the growing disparity between the rich and the poor is likely to increase social tension and antagonism between the ruling elite consisting of the rich and the outcast poor. In this regard, the position of the government is definitely favourable for the rich because many tycoons move to politics to strengthen their economic position and to protect their economic interests, while interests of the poor remain under-represented in the political and economic life.

In fact, one of the major problems of the contemporary society is the income inequality, which persists in the contemporary society and aggravates social relations. To put it more precisely, the income inequality leads to the growing socioeconomic disparity between different layers of the society, when the rich receive huge profits, while the poor have to live from hand to mouth. More important, as the income inequality persists the number of the rich decreases, while their wealth and income increases, whereas the number of the poor grows fast along with the drop of their income. In such a situation, the contemporary society lays the foundation to the future socioeconomic crisis, when the poor will be in a desperate position being deprived of means for living.

In such a situation, such a prospect may be particularly dangerous taking into consideration the fact that the rich possess a large portion of the national wealth. What is meant here is the fact that the large part of the national wealth is in hands of a few, who control the economic life of the country and attempt to expand their control on the political life as well. As this point, it is possible to refer to Mitt Romney’s pursuit of presidency, for he is a multi-millionaire pursuing presidency. In fact, his case is not unique, for multi-millionaires pursued for presidency before Mitt Romney and they are likely to pursue for presidency after Mitt Romney. What is meant here is the fact that the rich move to politics to establish their full control over the political life. In fact, as the rich take control over the political life of the country, they will definitely pursue their financial interests to multiply their wealth even more and to exploit the nation to increase their wealth and revenues. In actuality, they have all the means to establish political control and enhance their economic domination over the nation.