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Evils of Money

Updated on November 11, 2013

Evils of Money


Invention of money has not proved to be an unmixed blessing as its use has become a source of so many evils too.  If money is not used properly, it can create havoc and may prove to be disastrous for the mankind.  Some of the evil effects of money are giving hereunder:

Economic Defects


A.  Use of money has given rise to greed and exploitation of poor which has resulted in greater inequalities of incomes and wealth.  History shows that it is the economic exploitation that triggers any social upheaval.

B.  By facilitating Borrowing and lending, money may encourage over-capitalization (i.e. using too much capital in place of labour) in production, thereby creating large scale unemployment in the economy.

C.  Money helps in extending the scale of production, which after certain limits may result in a situation where production far exceeds the demand.  This leads to fall in level of prices, unemployment, decline in incomes and thereby misery for the masses.

D.  When a government/Central bank increases the supply of money by simply printing new notes, it leads to sharp rise in prices.  This adversely affects the purchasing power of fixed income groups in the society.  Resulting in class conflicts and social disorder.

Social Defects


i)  Money has encouraged many kinds of anti-social activities like gambling, fraud, robbery etc.

ii) It Makes people greedy and acquisitive

iii) It encourages tendencies of exploiting others.

However, it cannot be denied that most of the evils listed above arise because of improper use of money.  These are not evils of money itself.  Hence, there is a greater need to use money as a faithful servant than become slaves of money and invite troubles.  It has been rightly remarked that money which has been source of so many blessing to mankind becomes a source of peril and confusion unless we control it.

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    • profile image

      Avi 18 months ago

      Ruchira

      I will only say that every coin has two sides.

    • profile image

      nitin gupta 4 years ago

      money is both developer and destroyer of our cuontry.

    • Iamsam profile image
      Author

      Iamsam 5 years ago

      Thanks Barbergirl and Ruchira for your kind visit and encouraging comments.

    • Ruchira profile image

      Ruchira 5 years ago from United States

      i agree...money sure brings out the worst in man.

      interesting hub!

    • barbergirl28 profile image

      Stacy Harris 5 years ago from Hemet, Ca

      Very interesting hub. I guess it just goes to show that money is a necessary evil!

    • Peggy W profile image

      Peggy Woods 6 years ago from Houston, Texas

      Truly money can be used for good or evil depending upon people's intent. If everyone followed the Golden Rule, this world would be a much better place.

    • fibo777 profile image

      fibo777 6 years ago from UK

      I agree that money is not the source of evil. The love of money is. Money is neutral. People are not. Thanks for sharing.

    • Iamsam profile image
      Author

      Iamsam 6 years ago

      Thanks nextstopjupiter for your kind visit and comment.

    • nextstopjupiter profile image

      nextstopjupiter 6 years ago from here, there and everywhere

      Money became a tool for the banking system and the financial industry to rule the world.