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Economic Issues - Essay Example

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UK was one of the nations affected by the financial meltdown with most industries having to downsize and most cities being affected greatly. London…
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Economic Issues
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Economic Issues was not a good financial year in most nations and they are currently trying to improve their economy and get back on track. UK was one of the nations affected by the financial meltdown with most industries having to downsize and most cities being affected greatly. London however has improved its economic strength quickly and tremendously the last few months and it is booming.
The rest of the cities in the country are however really lagging behind and their lack of economic growth being masked by the massive and quick growth of the economy in London. These cities such as Stoke-on-Trent which was once booming with business and investors are now struggling to even keep majority of their industries open as the investors have moved to London and so has the population (Sindreu & Douglas).
The situation in the UK is not very different with what has been happening in the rest of the world with big cities taking over all the business for the smaller cities and masking the economic problems being witnessed in the countries. Investors move into the large cities and camp there forgetting that there are other cities that need the investment more. The population of the nation also moves from their struggling cities and seek employment in these cities.
All the elite camp in these cities and continue to build up the already booming economy. This is however really wrong as only one or a few cities in the country cannot totally be taking over the business from the rest of the cities making other loose employment through closing industries while the large cities are overflowing with them.
The booming economy in large cities and the influx of people to these cities only lead to increase in inequality. Those in these cities are overly paid and enjoy the security of employment while the rest of the people struggle to even put food on their table at all times. The situation can be equated to the rich becoming richer while the poor continue to wallow in poverty.
With the large cities having control over everything in the nation, the rest of the cities have to rely on them to survive. People are forced to go shop in London, New York, San Francisco or Washington as they are the ones with the resources and supply of materials. The little resources remaining in these other cities are therefore continuously being taken to the lack cities widening the economic gap even wider (DePillis & Guo).
The government should come in and try and create some balance within all its cities in the nation. It cannot put all its eggs in one basket by relying on only a few cities to build its economy while the rest suffer because in the end they will have to redirect all the profits from these few cities to bail out the rest of the nation from bankruptcy and collapsed industries and this would crash the economy of the nation. The situation should be acted upon immediately before further problems accumulate.
Work Cited
DePillis, Lydia & Jeff Guo. Where income inequality has fallen the fastest in America. The Washington Post, September 18th, 2014. Retrieved from http://www.washingtonpost.com/news/storyline/wp/2014/09/18/the-most-improved- county-in-america-for-income-equality/
Sindreu, Jon & Jason Douglas. London’s Economic Strength Masks Growth Problems Elsewhere in U.K. The Wall Street Journal, March 13th, 2015. Retrieved from http://www.wsj.com/articles/londons-economic-strength-masks-growth-problems- elsewhere-in-u-k-1426283800 Read More
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