Dangers of Money
Dangers of Money
Demerits of money
Money is not, on the other hand, a pure blessing. Money is a excellent servant but a dreadful master.
The dangers of money can be discussed under the following sub-categories:
(i) Economic Instability. Numerous economists are of the view that money is in charge for economic volatility that is to be initiated in capitalist nations. When money wasn’t present in the economy, saving was not separated from investment. Individual savings were also invested. But with the creation of money in the economy, saving is made by some individual and investment by a few others. Therefore, it doesn’t follow that saving as well as investment ought to be proportionate.
(ii) Danger of Over-issue. The chief danger of money lies in its accountability of being over issued in the form of in-exchangeable paper money. Such over-issue of money may cause hyper inflation as in India during the early 70’s. Unnecessary increase in prices hits hard the general public and the individuals from the fixed income group. It provokes speculation and restrains productive ventures. It unfavorably has an effect on allocation of revenue as well as wealth in the society so that the bay among the rich and poor broadens.
(iii) Economic Inequalities. Money has established to be an extremely suitable means for gathering wealth and of the mistreatment of the underprivileged by the rich. It has formed a cavernous bay among the 'haves' and 'have-nots'. The depression and poverty of the poor is, as a result, to no diminutive measure owing to the subsistence of money.
(iv) Moral Depravity. Money has destabilized the ethical character of man. The problems to be originated in the wealthy civilization are merely too clear. The prosperous dominate all the communal tribulations like bribery, corruption, and the 'wine and the woman.' In their conditions money has demonstrates to be a character killing device. Money by itself might not be dreadful, but its ownership no doubt makes easy dishonesty, corruption, bribery and crime.
As a result, "money which is a basis of a lot of blessings to the human race turns out to be, if we have power over it, a cause of threat and perplexity."