Some believe that modern technology is increasing the gap between rich and poor people while others disagree. Discuss both views and give your own opinion.
In contemporary times, the advancement of technology has sped up, and although it has brought numerous benefits, it has also engendered a profound debate as some allege that this has widened the disparities between the affluent and the impoverished, while others are not in favour of the above notion.
Many say that technological progress has resulted in greater socioeconomic inequalities. State-of-the-art technologies like automation are extremely expensive and can be only afforded by the wealthy and large companies, helping them earn bigger profits. This has put those in low-skilled jobs at a disadvantage because all their work can be done with the use of these modern equipment, thereby exposing them to unemployment and poverty. For instance, nowadays, automobile manufacturers use robotics that helps them complete tasks faster, safely and at relatively low cost, increasing their profits tremendously, but has left many unemployed, making the latter poorer.
However, modern technological forays have aided in promoting equality. One can work remotely from their home, or rural areas, for companies around the world, without needing to leave their hometowns and face the huge expense of shifting and surviving in other locations, enabling them to improve their financial conditions. In addition, digital payments platforms, like Phonepe, are easily accessible and free to use, allowing small vendors to enhance their outreach of their business, and thus, earnings. Moreover, anyone can create skilled, educational or entertainment videos and upload on social media sites such as Youtube, Facebook, Instagram, and so on, and generate huge revenues without needing to invest into expensive expertise and equipment.
In hindsight, technological progress, despite affecting some sectors of the population, has created grounds for bridging gaps between the elite and the destitute, by allowing the latter greater opportunities to boost their earnings without facing any hurdles.