One school of thought holds that the availability of technology has widened the income disparity. While this perception is somewhat justifiable, I believe that technological innovations that we currently have at our disposal could also better the living standards of numerous financially disadvantaged individuals.
On the one hand, some assert that the fast-paced technological innovations have widened the wealth gap between social classes. The key argument here is that momentous technological leaps in recent years have made a small percentage of the global population exponentially richer than the rest. For example, the past decade has witnessed a myriad of firms that once were humble technology startups, such as Apple and Samsung, morph into massive multi-billion-dollar corporations. Furthermore, governmental bodies often consider the development of technology as a driving factor in invigorating economic growth. Therefore, instead of prioritizing bridging social inequality, national investments in technological fields take precedence, thereby contributing to the widening income gap between rich and poor.
On the other hand, there are a host of compelling reasons why I am convinced that technological breakthroughs are exclusively beneficial to the 1 percent would be an overly grim view. One key rationale in favor of this view is that the extensive accessibility of technologies has also bestowed enormous merits upon ordinary people. This perception could be further clarified by the fact that nowadays, Facebook has given its users countless opportunities to start their own business at minimal costs, which makes it possible for all, especially the underprivileged, to lift themselves out of poverty. Another justification is that with the aid of these technological innovations, those who do not have any qualifications or expertise in any field can also have a steady source of income. For example, thanks to Grab’s ride-hailing network, scores of city dwellers who do not have a college degree or any professional skill are now able to earn a living and better their life quality. These are profound testaments to how technology has played its role in poverty eradication.
In conclusion, while it is irrefutable that technology has indeed created a new generation of extremely wealthy individuals, I would contend it has also given equal opportunities for all to thrive.