One can’t ignore the fact that the modern economy has emerged with huge changes in it. Technological advancement has allowed economies to produce more efficiently. There is a clear cleavage between the economic outcomes that are seen in different countries which is why the world is called to be unevenly developed. However, from this, we cannot conclude that modern economies have solved all the economic problems of past generations. The common problems that are seen in modern economies in the world are:
Global debt has risen to 250,000 trillion dollars which is a giant figure. Every country is in debt. Although, this is not taken seriously today the impact is going to damage the future generations.
The modern monetary policies tend to print more and more money. Currency depreciation is a global phenomenon and powerful currencies like the US dollar is also depreciating due to the implementation of modern monetary policies. The value of world currencies is falling day by day.
INFLATION AND UNEMPLOYMENT:
Printing more money means the prices of products and services will go up. This decreases the purchasing power of people. Inflation is the second name of an increasing burden on the poor class. Additionally, there is a part of the population that is deprived of job opportunities in order to meet the ends and this is experienced globally.