The gap between the rich and the poor is becoming wider the rich richer and the poor even poorer What problems can the situation cause and give the solutions

The 10 Forbes list toppers have more net worth than most Sub-Saharan and Latin American countries do put together: recent pandemic has made most of tech-giants even richer, with Amazon’s founder’s fortune reaching 140 billion US dollars. Leading economists have long puzzled over this surprising disparity and pointed out its specific problems and solutions; this essay will briefly outline some of them.

Firstly, however hard we try to resist it, more money means more power, political, economic as well as social which, in wrong hands, means that a tyrant can rule over the society. This is because multibillionaires can easily hire PR publicists to raise their public profile, professional lawyers to protect themselves and “buy” political lobbyists to have laws convenient for their business passed. As a result, small, emerging businesses may not be able to compete with them and be forced to close down—meaning the rich will face very little, if any, competition. A clear example maybe recent scandals involving Google and Facebook allegedly “persuading” potential start-ups with very little legal experience to sell their ideas, leaving no room for these new innovators to rise.

Fortunately, governments around the world are starting to recognize these issues and suggesting their own solutions. Highest on their agenda is antimonopoly regulations, restricting tycoons and tech-giants from occupying more than 50 percent of their respective markets. This means new businesses can successfully implement their ideas to the top without facing any pressure. Secondly, there should be extensive investment in education free and accessible to all, not only in developed countries, but also developing ones, so that everyone can easily discover the next potential “Steve Jobs” or “Bill Gates” in themselves. This cannot be done without assistance of UN, otherwise rich countries may (highly likely) attract the educated population of poorer countries. Lastly, banking system should be reformed so that the poor with business ideas can easily find enough capital to launch their enterprise.

In conclusion, although the world is becoming gradually capitalistic and developing inclusive economy, the rich people can still find loopholes in this economic system to extract as much wealth as possible. Hopefully, solutions implemented by the states can gradually bridge the existing financial gap both in their countries, and the world.