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Poverty in modern life - Essay Example

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This essay describes that in modern life, many countries experience poverty due to myriad social challenges in their economies that stem from the inability of their nationals to provide for their essential needs despite the availability of banking sector…
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Poverty in modern life
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Poverty in modern life
Even though the banking sector has been credited for creating systems that advance credits to people while enabling them to make savings and investment, it is generally accepted that the countries that are much developed depend on banking as an important aid to trade. It is important that successful developments take place when people can make savings for their incomes, and use those particular savings to create and manage their investment. In the past, the emergence of the banking sector was a major milestone in humanity’s economic sphere. In modern life, many countries experience poverty due to myriad social challenges in their economies that stem from the inability of their nationals to provide for their essential needs despite the availability of banking sector that was aimed to boost their financial and economic stability. There are many reasons for this problem and many solutions.
The main cause of this problem is social stratification, where the poor people are condemned into their poverty. The rich continue enriching themselves by using their power and authority while the poor continue being poor. Income inequality caused by social stratification, political issues and poor economic policies lead to increased poverty among the minority members of the society. In addition, this problem happens due to lack of information about microfinance and banking in the society. Information asymmetry leads to inadequate information by the members of the society which could be used to make appropriate financial and economic decisions in order to come out of poverty. Lastly, this issue is caused by governments’ inability to implement public policies effectively.
There are three primary solutions for this issue. The first solution is the government should establish effective systems of financial and economic empowerment. A country that has people that are development conscious can least find itself in situations of war and other forms of violence. Therefore, governments should create favorable policies that enhance business growth and peaceful co-existence among all people. In my opinion, economic empowerment is the only way that people can understand ways of identifying and providing solutions to social needs. Secondly, the government should create regulations to control financial markets so that they provide financial services effectively to all members of the society. For instance, the government should direct banks to lower their lending rates to small and medium businesses to allow them to invest and provide financial and economic security to members of the public. Finally, citizens should take classes about entrepreneurship, financial security and economic empowerment so that solutions to challenges in the environment and social life can be solved. This cannot be achieved without the input of all stakeholders, for this reason, the government, international community and other stakeholders need to play active roles in ensuring people are educated and empowered to take on societal challenges.
In final analysis, it is clear that government intervention and public education about economic empowerment are the optimum solutions for the problem of poverty. The banks should introduce simple, flexible and cheap loans to people, that do not require collateral backing. They should also give flexible repayment schedules and guidance on how to identify and run enterprises to achieve financial freedom. However, some governments and members of the public might disagree with this option. But with lessons from the past, people adopt this solution in future. Read More
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