Can Financial Independence for All Transform the World?

No, it’s not that simple. The idea of everyone having equal financial resources and wealth might sound ideal, but it actually raises several critical issues that could lead to significant problems.

What Gives Money Its Value?

The fundamental question behind the concept of money is its value. Money derives its value from its scarcity and its acceptance in society. If everyone had an equal amount of money, the concept of scarcity would no longer apply. Additionally, if the value of money were not backed by something tangible or intrinsic, it would be financial chaos. As government authorities print and distribute money, an increase in the money supply typically leads to inflation. When everyone has an equal and significant amount of money, the velocity of money increases, leading to a rapid rise in demand which outpaces the supply, ultimately devaluing the currency.

Challenges of Everyone Being Wealthy

Abdu’l-Baha, a prominent figure in the Baha’i faith, stated that among all prayers, the request for everyone to be wealthy is one that God would not grant. This is because the very fabric of human society depends on the diversity of roles each person plays. If everyone were financially comfortable, who would perform the essential tasks that keep the world running smoothly? Who would till the soil, drive delivery trucks, cook food in restaurants, and perform other necessary services?

Moreover, within any complex system, the currency of work is essential. Even in a world where everyone had the financial means, someone would still need to produce goods and services. Therefore, the proposal to make some individuals financially weak to encourage them to work is paradoxical. You wish for everyone to be financially strong while simultaneously desiring someone to be financially weak.

Long-Term Consequences of Universal Wealth

Imagine a moment where financial barriers no longer exist, and everyone can buy whatever they want. In such a scenario, only the prudent individuals would likely maintain their financial stability and potentially gain more. The less prudent would make poor decisions with their wealth, often leading to financial ruin. This cycle would likely repeat over successive generations, as the initial burst of wealth would be replaced by economic instability and the waste of human potential.

Compare this scenario to that of a world where education and knowledge empower individuals to make informed decisions. By equipping people with the necessary education, they can utilize their potential to their best advantage. This scenario fosters long-term sustainability and avoids the pitfalls of sudden wealth, which often results in temporary boosts followed by economic and social turmoil.

Overall, while the concept of universal financial independence sounds promising, it comes with significant hidden costs and challenges. The world could be a better place, but not through a blanket solution of everyone being wealthy. Instead, we should focus on equitable yet sustainable wealth distribution and comprehensive education to unlock the full potential of each individual.