Money is an integral part of society as it facilitates all economic activities in all parts of the globe. Among the few characteristics of money is that it is scarce; thus, it is not easily acquired, and people have to compete to acquire money to help solve their economic problems to avoid poverty. Money is needed almost in all activities in society since it helps cater to basic needs, and purchases of equipment are needed in development within the society, among other activities. Money is an essential part of society and is often considered to rule the world since most activities performed heavily rely on the availability or scarcity of money. However, in a world where everyone is struggling to acquire money and become financially recognizable, does money control people, or should people control money since they are the ones who make money?
Social class positions are influenced by the financial ownership of people within the society, whereby people are placed into different categories depending on how wealthy they are in society. People struggling with finances are likely from severe mental illnesses due to their inability to provide for themselves and inability to handle societal pressure, mainly because they are inherently discriminated against by wealthier people (Topor and Ljungqvist 825). The possession of money in society has significantly created societal divisions where the rich and the poor people in the community live in different locations. They can meet primary and secondary needs like assets differently (Fabris, 56). Money is significant in society since everyone is fighting to get a portion of it, escape poverty, and rise through the ranks of social positions within society.
Money facilitates financial crimes within society, whereby people use every means necessary to acquire as much money as possible. Poor governance and lack of proper implementation of policies exacerbate the commissions of financial crimes since perpetrators are never punished for their crimes despite apprehensions. In recent years, financial crimes such as money laundering and corruption have become rampant since most people have committed illegal and unscrupulous means of acquiring money due to societal and familial pressure to own money. (Achim and Sorin 42). People throughout the globe have continuously become greedy for money; people are working hard to acquire money, and while some people are working hard and using legal means to earn money, other people are taking the easy way.
Governments and political leaders play a crucial role in society by regulating activities and ensuring citizens abide by the laws and policies governing the various monetary institutions. Nonetheless, the rule of law is sometimes averted by wealthy people who have the means and the money to bribe relevant officials within the different sectors to avoid paying for any financial crimes, as identified by the different institutions (Achim and Sorin). This is a clear indication that people all over the globe have the power to choose what they should do with their money rather than letting money influence their decisions to enable the development of a morally desirable society. Failure by economic institutions such as banks and individuals such as economists to critically evaluate monetary institutions leads to economic catastrophes such as inflations in the most developed nations (Boettke et al 68).
Money plays significant developmental roles in society, whereby the wealthy people in the community use it to help the less fortunate in society. As mentioned earlier, money contributes heavily to the economic growth of a nation when it circulates through the different national and global economies. Although they have the right to spend their money the best way they believe in, most people use it for the benefit of the economy as business investors and developers in various fields or sociologically to help fund initiatives and organizations aimed at helping people in need in the community (Kraemer et al., 2022). Since money usage cannot be measured directly, financial experts in an economy analyze money usability through quantity and quality dimensions, whereby calculations of expenditures and incomes measure the quantity aspect. In contrast, the sociological changes in society are measured using the quality aspect.
In conclusion, money contributes heavily towards boosting different economies worldwide; nonetheless, financial experts must intervene to prevent such a process from taking place effectively. Therefore, s as many run the world, it requires proper budgeting and management. This research establishes that money also contributes significantly towards the well-being of individuals in society; however, if money is misappropriated, it could lead to significant social and mental implications; thus, individuals have the power to choose how to earn and spend money. As much as money has positive impacts, it is also associated with negative results, such as financial crimes that have become rampant, especially in developing countries.
Works Cited
Boettke, Peter J., et al. Money and the Rule of Law: Generality and Predictability in Monetary Institutions. Cambridge UP, 2021.
Fabris, N. Cashless Society – The Future of Money or a Utopia? Journal of Central Banking Theory and Practice, 2019. 8(1), 53–66. https://doi.org/10.2478/jcbtp-2019-0003
Achim, Monica V., and Sorin N. Borlea. Economic and Financial Crime: Corruption, shadow economy, and money laundering. Springer Nature, 2020.
Kraemer, K., et al. The social ambiguity of money: empirical evidence on the multiple usabilities of money in social life. Review of Social Economy, 2022. 1–28. https://doi.org/10.1080/00346764.2022.2076150
Topor, A., and Ljungqvist. Money, Social Relationships and the Sense of Self: The Consequences of an Improved Financial Situation for Persons Suffering from Serious Mental Illness. Community Mental Health Journal, 2017. 53(7), 823–831. https://doi.org/10.1007/s10597-017-0146-3
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