Wealth Sharing Among Nations

Wealth Sharing among Nations

A significant income gap exists between countries worldwide. Global inequality in wealth ownership and distribution positions some countries as wealthy whereas the others are considered poor. A considerable debate on whether the wealthy nations should share their wealth with the poor ones has been a subject of debate for a long time. The aim of this essay is to get a standpoint on whether the wealthy nations should share their wealth with the poor ones.

The development of any nation is influenced by the availability of basic resources. Basic resources include natural resources, talents, skilled human resources, technological advancements and education opportunities. The availability of resources provides nations with opportunities of growth. Most of the poor nations face a scarcity of these resources which obstructs their chances of growth. Therefore, to foster their economic growth and development, the poor nations require assistance from the wealthy countries to access the resources and utilize them for development.

Globalization has led to interconnectedness between nations (Giddens, 2018). The wealthy countries should understand that in a world which is heavily interconnected, nations involuntarily share both problems and prosperity. For instance, if a deadly disease such as Ebola broke out in Uganda, a poor African country, it becomes a threat to the United States or Europe due to modern day travelling. Therefore, wealthy countries should feel obligated to assist the poor ones to help them flourish together like a global community.

Wealthy countries just like the poor ones, get financial resources from the taxes paid by the citizens (Mankiw, 2013). One of the reasons that the wealthy nations may be reluctant to assist the poor ones is the risk that their aid which is earned through taxation will be misused primarily through corruption which is a major issue in poor nations. To deal with this challenge, wealthy nations should identify ways to mentor the governments of poor nations on ways which they can maximize on the aid they receive to develop their nations.

In conclusion, wealthy nations should assist the poor ones as a means to close the gigantic gap that exists between them. Wealthy nations should forget the artificial borders that exist and tackle the wealth gap from a humanitarian perspective to create an egalitarian world where all individuals have access to resources that guarantee high quality lives.