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The Evil Side of Money
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Get In-Stock Alert. Product Highlights About This Item We aim to show you accurate product information. Large changes in the value of money are disastrous and even moderate changes have certain disadvantages. Inflation or fall in the value of money causes direct and immediate damage to creditors and consumers.
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On the contrary, deflation or rise in the value of money brings down the level of output, employment and income. Thus instability in the value of money adversely affects consumers, producers and other sections of the society. The second defect of money is that changes in the value of money lead to unequal distribution of wealth and income. Inflation or deflation which brings benefits to some and damages to others leads to redistribution of wealth and income not only between social and industrial classes, but between different persons in the same class.
Such changes in the structure of the society. Widen the differences between the rich and the poor and lead to class conflict.
Too much of money leas to the concentration of capital in the hands of a few capitalists. This leads to growth of monopolies which exploit both consumers and workers. Money is the basis of credit. When banks create too much of credit, it may be used for productive and unproductive purposes. If much credit is used for production, it leads to over capitalisation and overproduction, and consequently to wastage of resources.
Similarly, if liberal credit facilities are given for unproductive uses, they also lead to wastage of resources. Money being the store of value lures people to hoard it. The tendency to hoard money and become rich is the root cause of the evil of black money. When people evade taxes and conceal their income and hoard it, it is black money.
Another defect of the institution of money is that it leads to cyclical fluctuations in the economy. When the supply of money increases it leads to a boom and when it contracts there is a slump. In a boom, output, employment and income increase which lead to overproduction.
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On the contrary, they decline during a depression, thereby leading to under consumption. Such cyclical fluctuations bring untold miseries to the people. It leads to corruption, turpitude, political bankruptcy and artificiality in religion based on materialism.
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Money is blamed when the prostitute sells her body and when the bribed judge perverts the law. Significantly enough avarice is called the love of money; all evil is attributed to it.