Some believe that advances in technology are increasing the gap between rich and poor while others think the opposite is happening. Discuss both sides and give your own opinion.

Many are of the belief that the progress of
technology
has widened income inequality between social classes. I agree with
this
view as,
although
technology
ensures equal levels of accessibility, it
also
concentrates capital in the hands of a few. Detractors often argue that
technology
has allowed the underprivileged greater access to information.
This
relates chiefly to information
technology
and the growth of the internet and devices that support connectivity. In the past, only those educated in universities could read certain academic articles and important research. The internet now makes it possible for the majority of the world’s population to locate a wide variety of information on every topic imaginable. The effect is a more equal playing field when it comes to education that
then
has a domino effect on later standards of living.
Nonetheless
, advances in
technology
are paving the way for an increased accumulation of capital by select individuals and corporations. In the past, an employee working a good job could generate most of their money from salary. Today, most income comes from reinvested capital.
This
has widened the gap between
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socio-economic
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socio- economic
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socio-economic
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classes and
technology
only exacerbates
this
by replacing human jobs annually and hastening the growth of conglomerates like Google and Amazon. These companies, and their shareholders, are able to profit off existing capital while the average worker struggles to make ends meet or faces the prospect of unemployment due to technological innovation. In summary,
technology
cuts down on some societal impediments to success but erects other, stronger economic barriers.
This
also
partially explains the recent calls for a universal basic income to combat growing inequality.
Submitted by MILEY on

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Topic Vocabulary:
  • advances in technology
  • gap between rich and poor
  • economic inequality
  • access to technology
  • competitive edge
  • job displacement
  • automation
  • impoverished areas
  • technological innovations
  • new job opportunities
  • internet connectivity
  • access to information
  • empower
  • educate
  • disadvantaged backgrounds
  • mobile banking
  • financial inclusion
  • education technology
  • equal learning opportunities
  • exacerbate
  • alleviate
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