Institutionalized Poverty

(ABDULLAH TARIQ, )

The world has never been richer, technologically developed, literate and full of resources as of this moment, yet we see rampant poverty among us with millions of people struggling to make their ends meet. One wonders why in the age when we are close to curing cancer, funding explorations into finding suitable resources for settling on other planets, we see so much disparity of wealth among our fellow human beings.

To understand the mechanism that has been adopted by modern economies we must go back to the cold war era, the USSR and the USA have been fighting for global dominance for a long time now, the main point of contention between the two was the ideology that would rule the world for centuries to come, the USSR being a communist country believed in the socialism approach where the state own everything and community as a whole control every mean of production thus stopping the disparity, on the other hand the USA believed in the ideology of capitalism where businesses and people compete together for their own betterment in an open market, though capitalism had some perks over socialism, according to economists it was meant only for a time but we have seen after the soviet collapse in the 1990s the capitalist system has been adopted by almost every country in the world. What the " evil " of capitalism has led to is an income and wealth disparity that is unparalleled, according to a survey 50% of the worlds wealth is controlled by only 1% of its population, no doubt that the elite have been able to provide better education, better resources and experience to their children and thus keeping the fortunes circulating within their own families further dividing the gap between the poor and rich, as Robert Kiyosaki says poverty can thus even be inherited and so can be richness, what's really disturbing is the fact that even our institutions which are supposed to provide welfare to the people by increasing their standard of living have been designed for the favor of the rich, our educational system ( the best of it ) can only be afforded by the rich, our healthcare, even our banks give huge loans to the wealthy because they have a higher probability of returning them, not to mention the fact that many elite have used the various financial instruments available in the market to their benefit which also requires huge amount of capital to begin with. It feels like everything in our economic system is built to make the richer more rich and to keep the working class and the poor at their place and at the mercy of the elite.

the government tries to eliminate poverty and make peoples standard of living higher but what if the system is at flaw, what if we all are living in denial of a system that has been designed to keep us where we are for the benefit of a few at the expense of many. it is a question i leave to ponder upon and to find a system where we can provide REAL opportunities and real assets for people to make their lives better.
 

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