Some people argue that the advancements in technology are widening the wealth gap between rich and poor people. Others, including me, believe it actually creates an economic balance among people.
Technology is one of the main factors that exacerbate the imbalance among high- and low-income groups. It is globalization that increases the income gap. Developed countries and multinational companies benefit more from this phenomenon, while poorer nations and low-skilled workers struggle. This is due to some companies outsourcing jobs to developing countries to take advantage of cheap labor, widening income disparities. The garment industry in Bangladesh, for instance, employs as many as four million people, but the average worker earns less in a month than a U.S. worker earns in a day.
However, the emergence of technology has paved the way for economic balance among citizens. This is primarily because these advancements offer numerous and equal benefits to users. For example, education is a great example, which has changed dramatically thanks to technology. In the past, people could acquire knowledge mainly through books, which were often expensive and limited in availability. As a result, only the wealthy or higher social classes could afford education. However, due to technology, nowadays students have better access to education than ever before, creating unprecedented opportunities to study regardless of socio-economic status. Platforms such as Khan Academy, for example, provide resources to study through the Internet, offering valuable information at no cost, bridging the gap between social classes.
In conclusion, although technology has contributed to the widening wealth gap, it also provides equal access to education for all classes of society.