A rise in overall consumption leaves fewer resources for investment in priority areas, having an adverse effect on production. Black money distorts resource allocation in the economy and often leads to wasteful use of money. It leads to conspicuous consumption and in turn results in the diversion of large funds to unproductive channels which ultimately put the economy out of order. 7. Deteriorate the Ethical and Moral Standards of the Society Black money is largely responsible for the deterioration of general moral standards of the society.
The rapid advancement in technology has increased substitution of labor with mechanization and information technologies, thereby depressing income of semi-skilled and the unskilled workers in the country, thus increasing income inequality in the country. The adaptation of telecommunication and information technologies has come up with a lot of production benefits, but it has brought marginalizing of laborers who are shy away of taking advantage of the increasing technologies. There is an exacerbated gap between unskilled and skilled laborers in Singapore, indicating that the level of education of older people is low while many women have limited experience on the adopted new technologies. These and many others have made the people of Singapore fail to embrace technology, thereby limiting their chances of mobility. Technological change has also led to polarization of many job opportunities, for instance, there is a high demand of job vacancies requiring high skills and with good salaries, but low demand for jobs with low skills.
Therefore, there is a connection between poverty and crime. The more the number of people living in poverty, the higher the crime rate, which is obviously bad from a social perspective because it compromises safety and security in the region/country. Furthermore, many people living in poverty are homeless, which forces them to live on the streets, showing the failure of the state to adequately provide for them. 8. LEDC’s point of view It is easy to see why countries with large proportions of their populations living in poverty are interested to reduce that number, both for the good of their people as well as the future development of the country.
For instance, the influx of foreign talent has indisputably reduced Singaporeans’ prospects in their own country, neglecting basic privileges that citizens shoud enjoy since foreign talents are able to “provide more merit” (The Real Singapore, 2013). This eventually results in wider wealth gaps, breeding a culture of resentment especially among the lower and middle class Singaporeans (Tan, 2008). Apart from this, Singaporeans are starting to question the qualities of the leaders themselves. Winners of meritocracy, in an attempt to pepetuate their prestige and supplement their own material rewards may end up in being corrupted(Chong, 2010). In 2012, Singapore was rocked by a chain of sex scandals involving top civil servants, teachers and even a Member of Parliament, Michael Palmer.
Thailand is an under-development country. The poor quality education, poverty, and inequality in the society can lead to many problems in the country. Most Thais tend to judge people by their social position, so people want to get rich and be accepted by the society. People find many ways to be wealthy, some work hard for money but some of them use short-cuts ways such as corruption. Corruption happens in most businesses, governments, the bureaucracy, and the justice system.
Social fragmentation is very much present in today’s society and can lead to massive cultural and societal erosion. According to Booker (2012), “The world you see outside of you is a reflection of what you have inside of you.”The lack of equity within the nation, civil societies, communities, institutions, schools and even the household is seriously increasing social fragmentation. With social cohesion declining, this will increase the rates of social exclusion. Resulting in the less fortunate not benefiting from new opportunities created within the economy; thus leading to increased corruption, crime and lawlessness. In most cases the poor looses trust within the systems of the country whether economic, social or educational, they may even loose trust in serving the community and even result in the inability of families to cooperate with another.
Besides, low government wages result in a decline of public sectors efficiency and productivity and it creates incentives and opportunities for corruption. It is because they want to fulfill their living costs, own psychological needs or moral make up. Sometimes, the bribes offered to them may be too large compared to their wages as a government officials. So as ordinary human being, they will be interested to that offer. This situation are actually very common in some countries such Malaysia, Thailand, Indonesia, India, Philippine, Nigeria and so on.
The problem of an aging population and shrinking workforce in Singapore in the recent years has become a significant problem. Meanwhile, high unemployment rates in developing countries such as China and India have led to a migration of immigrants to developed countries like Singapore. This movement has resulted in an influx of foreign workers in Singapore. Although the Singapore government welcome foreign immigrants and talents to increase our workforce so as to maintain a competitive edge in the global economy, this phenomenon has led to brain drain in
The rapid rate of urbanization has spawned problems affecting the quality of life in the cities. Especially for the urban poor the growth of infrastructure and services has not kept the pace with the growth in demand this significantly diminishes the access of the urban poor to basic services, including housing, health and education (Balisacan, 1996). One of the biggest factors that contribute to poverty is corruption, a problem that doesn’t seem to end in the Philippines. Because of this corruption Filipinos are getting short for health,
Being an undergraduate means that it will be harder to find a regular job since it reflects lack of skills, efficiency and capability of a certain person. Also, we’ve found out that the number of unemployed people can affect a country’s Gross Domestic Product or GDP. This is in a way that if fewer people have jobs, there will also be fewer goods and services to be produced thus, leading to a decrease in the