Chinese philosopher Lao Tzu wrote 2,500 years ago: ‘There is no calamity greater than lavish desires, no greater guilt than discontentment, and no greater disaster than greed.’ This advice seems to have fallen on deaf ears, with prosperity becoming the prime consideration in many of our decisions. While prosperity – defined as high levels of income and wealth – may provide a comfortable lifestyle, solely focusing on prosperity may be myopic and may prove disastrous in the long run. As such, other aspects such as our overall well-being and income inequality should be considered and balanced with our economic interests.
Still, the bourgeoisie may argue that prosperity has opened many doors to seek material pleasure and lead a carefree lifestyle. Money enables one to indulge in many of their tangible wants, from the fastest supercar to a luxurious penthouse. Such material desires are arguably deeply entrenched in our society, with many associating these goods to the pinnacle of success and the key to a happy life. This is evident from popular reality TV shows like Keeping Up with the Kardashians or best-selling novels like Crazy Rich Asian by Kevin Kwan, which showcase the high lives of the wealthy and reflect our obsession with the rich and the exclusive luxuries they can enjoy. Furthermore, without having to worry about the financial costs of their decisions, one does away with a significant contributing factor of stress. For example, in many Asian countries such as China and Singapore, a pervasive tuition culture exists where parents, hoping to give their children the best chance of success, enrol their children in numerous enrichment lessons. In 2016, it was reported by the Straits Times that the tuition industry was worth over $1 billion in Singapore and while fees vary, it is increasingly common for parents to fork out over $1,000 a month in tuition fees. Such expensive fees are completely out of reach for the poor, and put a visible strain on the wallets of the middle class. In contrast, these worries vanish when it comes to the rich. They have the capability to send their children to the best enrichment centres, the best schools, or even hire the best doctor to provide their loved ones with the highest standard of medical care. Given the many carrots prosperity dangles in front of most eyes, it is thus inevitable that a capitalist society pursues prosperity at the expense of everything else.
However, with an interminable pursuit for prosperity deeply ingrained in societies, the price is hefty. Deep-rooted income inequality could eventually result in social strife. The rich do not simply have more money than the rest; they have more power, opportunities and privileges that come together with wealth. In the recent Varsity Blues admissions scandal in the United States, wealthy actresses like Felicity Huffman and Lori Loughlin essentially bought their children places in elite Ivy League universities. This has seriously undermined the integrity of the college admission’s system and even American’s faith in meritocracy itself, contributing to a groundswell of resentment. Such benefits extend beyond the realm of education into health. According to a report by the Longevity Science Panel in the United Kingdom, a boy born in the most affluent areas will live on average 8.4 years more than a boy born in the poorest areas, with its authors citing income inequality as the biggest causative factor. With increased access to premier educational institutes and a markedly longer lifespan, the benefits of prosperity are primed to provide advantages to not only the current generation but future generations as well. This will likely result in an ever-widening gap between the upper and lower strata of society, where the lower income classes struggle to catch up with the higher income classes due to their inherited benefits. Indeed, the growing frustrations over income inequality have begun to threaten social cohesion as seen from the broader political climate today. Voter resentment over inequality and the stagnation of the middle class drove the election of dangerous demagogues like Donald Trump, and the disastrous “Leave” outcome in the Brexit referendum. It has become apparent that prosperity cannot be the sole goal, given the catastrophic ramifications of unequal income distribution.
Given societies’ fixation on prosperity, governments seeking to appeal to the majority or pursue growth at all costs might commonly overlook the concomitant issues of environmental degradation. For instance, in 2017, Trump announced the USA’s withdrawal from the Paris climate agreement, citing the negative ramifications the deal would have on its economy, costing trillions of dollars and the jobs of American workers in the dying coal industry. This single-minded focus on the economy applies to not only developed countries but developing nations as well. As a country with abundant coal reserves, China has heavily relied on coal to drive its manufacturing-based economy. In 2015, 67.9% of its energy production was from coal, and more than half of it was used for manufacturing, agriculture and construction. Given the highly pollutive nature of coal, its use has thus significantly contributed to urban air pollution. In 2013, Beijing experienced an “Airpocalypse”, where the concentration of hazardous particulate matter in the air was 40 times the level deemed safe by the World Health Organisation (WHO). This inhospitable environment is severely damaging to the inhabitants’ health, many of whom have little or no power in alleviating the grave situation, Estimates from the WHO show that up to 1.2 million premature deaths are caused by outdoor air pollution. On a larger scale, our planet is also in a dire state. Multiple “tipping points” such as the melting of Arctic ice have been reached, with experts warning that we have less than 12 years to save our planet. In light of these catastrophic consequences and coupled with international pressures, many countries have since shifted their focus towards “green growth”, where prosperity and the environmental sustainability are simultaneously pursued. China, the largest emitter of carbon dioxide, is now set to become a global leader in renewable energy, aiming for renewables to account for at least 35 per cent of electricity consumption by 2030, according to the National Development & Reform Commission. Large investments have already been made to grow the sector, creating new jobs and crafting a new competitive advantage for China, allowing her to have the best of both worlds. Considering the existential threats humanity faces due to runaway climate change, it is thus imperative to balance environmental concerns with economic priorities just as China has done, even if it might lead to a short-term decrease in national income.
In conclusion, while prosperity is important for both countries and individuals to achieve a better life, the severe negative repercussions from the overemphasis on prosperity do serve as a timely reminder of the need to consider other equally vital concerns, where financial gains may have to be compromised. If not, the material possessions and better life we once yearned for so dearly will eventually disappear, as the society at large descends into chaos due to the stark income inequality or as our earth becomes uninhabitable for mankind.
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