Free

Poverty in modern life - Essay Example

Comments (0) Cite this document
Summary
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.1% of users find it useful
Poverty in modern life
Read TextPreview

Extract of sample "Poverty in modern life"

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
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Poverty in modern life Essay Example | Topics and Well Written Essays - 500 words - 188”, n.d.)
Retrieved from https://studentshare.org/people/1658316-essay
(Poverty in Modern Life Essay Example | Topics and Well Written Essays - 500 Words - 188)
https://studentshare.org/people/1658316-essay.
“Poverty in Modern Life Essay Example | Topics and Well Written Essays - 500 Words - 188”, n.d. https://studentshare.org/people/1658316-essay.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Poverty in modern life

Modern Life

...? Modern Life Modern Life The cultural values and behaviors of most of the cultures have been used to degradethe women in the modern era, including traditionalism, self-reliance, religious fundamentalism and fatalism. These are barriers to modernization for the women folk. Fatalism means practical knowledge of limits, self reliance suggests freedom from dependence, religion is a validation and knowledge is developed outside of metropolitan institutions. (Seitz, 1995, p. 128). In this modern life, women are now working shoulder to shoulder with men, and this progress actually happened gradually. Gradually...
3 Pages(750 words)Essay

Poverty

...in the recent years has shown to be much lower creating concerns for companies selling their products to these sections of people. The wages received by the working middle class man have declined to such levels that their security is no more guaranteed. According to information provided by the US Census Bureau based on a survey, it has been obtained that every one American among six Americans is living a life of poverty in the present times. The level of incomes has shown to decline by 2.3 percent in the year 2010. It reflects an unbalanced situation for the country where the political figures are unable to provide with any constructive response to the problems the country is encountering (Harris). In...
3 Pages(750 words)Essay

Power, Security and Modern life

...? POWER, SECURITY AND MODERN LIFE By Lecturer: of Affiliation: and Power, Security and Modern Life The Main Features of Foucault's Account of 'Governmentality’ The concept of governmentality was first established by a French historian and social philosopher known as Michel Foucault (Bratich, Packer and McCarthy, 2003, p. 23). Governmentality is understood from varied perspectives and one of them being the way in which the government attempts to produce citizens who best suits in fulfilling governmental policies, or it can be understood as the organised practices through which subjects are governed. Foucault defined governmentality as the art of government in a wide sense...
7 Pages(1750 words)Essay

Late-Modern Social Life

...of their instrumental reasoning of products (Miller 199). ‘Phatic’ communication expresses sociability through maintenance of bonds and or connections (Miller 203) by carrying information to the receiver. Therefore, act as social adhesive by acknowledging other people’s presence through relation maintenance and reinforcement of a sense of communion (Miller 204). Characteristics of late-modern social life are characterized by: (i) Time and space separation; (ii) Disembodying of organizations and social relations; and (iii) social relations reflexive ordering. In this, he explains that in terms of space and time, pre-modern settings of the society connected through place situations. Here,...
5 Pages(1250 words)Essay

Changes in the Modern Life

...I was reading aloud to a child this last week - the words in tones and inflections that whispered of characterization and old traditions of storytelling that ignited the story with adventure - when in peering into this child’s face I saw for a moment a glimpse into the future. Her face shown with expectation, waiting for the next emotion that I would give to her and how I would pass my interpretation on so that she could then see this story through my eyes. In that moment, I began to understand the importance of the content of what will be passed on to the next generation as was previously passed to my generation. The social changes that the women of my generation make will allow the next generation to build upon those changes... was...
3 Pages(750 words)Admission/Application Essay

Poverty and Underdevelopment in Modern Times

...Underdevelopment Underdevelopment, coupled with poverty, is an indicator of a country’s ability to change with the modern times. While what is considered technological advancement is seen through the infrastructures and computers that are present today, underdevelopment is seen through more vicious means. Naturally, the more underdeveloped countries are those that are yet to develop. In these countries, which are commonly known as developing countries or Third World countries, the quality of education and the presence of health benefits are considered a luxury instead of a necessity. Hence, this serves as grounds for the presence of the sick, the poor and the illiterate. These three are not only indicators of poverty, but are also... to the...
8 Pages(2000 words)Essay

Early Childhood Poverty, Academic and Life Achievement

...November 26, Early Childhood Poverty, Academic and Life Achievement Introduction There is an abundance of social and political discussion on the problems of crime and juvenile delinquency, how to direct funds for the building of more prisons and juvenile justice facilities. There is also discussion of the high representation of Blacks and Hispanics among criminals, juvenile delinquents, high school drop-outs, underachievers, and the chronically unemployed. Not enough of that discussion identifies child poverty as the primary culprit and advocates early childhood intervention to buffer the long range effects. This paper will identify the academic effects, personal and social outcomes of...
4 Pages(1000 words)Research Paper

Stress in Modern Life

...Stress in Modern Life The current lifestyle and social pressures exposure people to demanding attitudes or responses, which result in stress. The effects of experiencing stress are harmful and can lead to dangerous reactions from individuals. Although people can overcome such situations, stress arises due to various causes such as technological, work-related, social related, financial or personal aspects. This essay will focus on the causes and effects of stress. The essay will explore three causes of stress including financial, family, and technology stress as well as their effects including obesity and heart diseases. There is no doubt that several aspects of modern life are major causes of stress. This essay will discuss how... (Deen,...
7 Pages(1750 words)Essay

Stress in the Modern Life

...Stress in the Modern Life Abstract Research paper contains appropriate and clear information together with assumption of the question that concerns the problem of stress in the modern life. The purpose of this paper is to understand and investigate the notion of stress together with determining principal causes of stress and its effects on people’s life and health. The introductory paragraph reflects the brief overview of the notion of stress and counts the major causes of stressful conditions. The problems of life changes, money and work together with their influence on creating stress are included into the main body. In addition, the...
6 Pages(1500 words)Essay

Stress modern life

...Stress in Modern Life and Its Consequences The of the Stress in Modern Life and Its Consequences Introduction Modern life is significantly different compared to the past one, primarily due to its accelerated rhythm with its results in both physical and mental stress. Many people have quite successfully adapted or are adapting to constant changes of contemporary world. Still there are some of them for whom today’s being is full of stresses, which cause a wide range of health problems. In fact, humans’ personal life with its numerous problems is a major source of tension of nervous system. Consequently, this reflects in stress and concomitant diseases. A person’s immediate surround has many stressful factors, among which there can... of their...
6 Pages(1500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Poverty in modern life for FREE!

Contact Us