Increased national wealth did not result in equitable distribution of its benefits. It has created only some “enclaves of modernity and prosperity for a small minority at the cost of the majority.” Justify. (150 Words)
Increased national wealth has not always led to equitable distribution of benefits, often creating enclaves of modernity and prosperity for a minority while leaving the majority behind.
- Income inequality: The gap between the rich and the poor has widened, with wealth concentrating among a small percentage of the population.
- Trickle-down fallacy: The belief that wealth will eventually trickle down to the lower classes has not materialized as expected.
- Globalization: Global economic integration has disproportionately benefited certain regions and industries, leaving others struggling.
- Tax policies: Regressive tax systems and tax havens have allowed the wealthy to accumulate and retain more wealth, exacerbating inequality.
- Lack of social mobility: Limited access to quality education, healthcare, and opportunities has hindered social mobility for the majority.
In conclusion, the increase in national wealth has not resulted in equitable distribution due to factors such as income inequality, globalization, and regressive tax policies. To address this issue, policies promoting social mobility, progressive taxation, and inclusive growth should be prioritized.
