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Bhupendra Thapa

Understanding Economic Inequality: Causes and Solutions

Document from the year 2026 in the subject Economics - Monetary theory and policy, Tribhuvan University (Prithvi Narayan Campus), course: economics, language: English, abstract: The rapid growth of digital technologies has fundamentally transformed the global financial system, leading many countries toward cashless economies where electronic payment methods increasingly replace physical cash. This article examines the evolution of cashless economies, the technological and economic factors driving their expansion, and the opportunities and challenges associated with this transition. It discusses how innovations such as mobile banking, digital wallets, contactless payments, blockchain, artificial intelligence, cloud computing, and financial technology (FinTech) have improved payment efficiency, convenience, and accessibility. 

The article further explores the role of governments and central banks in promoting digital payment systems through supportive policies, digital infrastructure, financial inclusion initiatives, and regulatory frameworks. Particular attention is given to the contribution of cashless economies to financial inclusion, business development, economic transparency, and sustainable economic growth. At the same time, the article critically examines important challenges, including cybersecurity threats, privacy concerns, financial exclusion, technological dependence, and regulatory complexities. International case studies from Sweden, China, India, Kenya, and Brazil demonstrate how different countries have successfully adopted digital payment systems while highlighting the importance of public trust, digital literacy, and effective governance. The article concludes that although cashless economies offer significant economic and social benefits, their long-term success depends on balancing technological innovation with strong cybersecurity, consumer protection, inclusive public policies, and equal access to digital financial services. A secure, resilient, and inclusive digital financial ecosystem will be essential for ensuring that the benefits of cashless economies are shared by all members of society.

The Rise of Cashless Economies. Benefits and Risks

Routledge Advances in Management Learning and Education

This interdisciplinary edited collection examines how economic elites-key capital owners, senior corporate managers, entrepreneurs, and other wealthy individuals-are educated and socialized through two critical institutions: families and higher education. Drawing on rich empirical data from various European countries, the book explores the dual role of families and elite schools/universities in shaping the perspectives, actions, and legitimacy of today's economic power elites. By situating these processes within the context of neoliberalism, the book offers a fresh perspective on how economic elites are made and re-produced, providing valuable insights into the mechanisms of power and inequality in contemporary society. Key features of this edited volume include its interdisciplinary approach, combining sociology, business and management studies, as well as its dual focus on elite families and elite educational institutions. The contributors, a mix of junior and senior scholars, provide nuanced analyses of how families and schools collectively socialize and consecrate future elites in various national contexts, offering readers a deeper understanding of the interplay between education, socialization, and power. This book also highlights the transformation of educational settings under neoliberalism, making it a critical resource for understanding the broader societal implications of elite formation. The book is ideal for scholars and advanced students in sociology, management, organizational studies, and education, as well as for an informed audience interested in the dynamics of power and privilege. It is particularly relevant for courses on elites, higher education, and management studies. With its timely focus on the reproduction of economic elites and their influence on contemporary society, this book is an essential addition to the growing field of elite studies.

Families, Schools and Universities in the Neoliberal Era

Education of Future Economic Elites

This book is a selection of my published essays that address the nature of exploitation and how ideology has legitimated its existence in varied manners over the past five millennia. It includes 10 articles from referred journals and two book chapters. Economic exploitation exists when powerful elites expropriate workers’ surplus, their output beyond that needed for their subsistence. Ideology exists when doctrines legitimating the elites’ privileges successfully convince the exploited that the social system is fair and in everyone’s best interest. Exploitation and ideology did not exist for the first 98% of our species’ history as hunter-gatherers. A high degree of economic and political equality prevailed, precluding economic exploitation of the weaker by the more powerful. Without exploitation, there was no role for ideology to play. The adoption of agriculture 10,000 years ago enabled mild inequality, but unstable legitimating ideology within pre-state chiefdoms. Extreme exploitation and powerful ideologies only emerge with the rise of the state 5,500 years ago, the last 2% of human history. States arose in Eurasia when warrior elites with newly available and expensive metal weapons, military organization, and ideology took possession and control of productive wealth, mostly in the form of land. To survive, all others had to work with the elite’s productive wealth and provide them with their surplus output. They did so as slaves, serfs, indebted peasants, and wage workers. Only in the 2nd half of the 19th century did workers gain adequate political power to retain a portion of their surplus. Industrialization brought workers together in factories and urban slums where they could organize to threaten insurrection. To avoid social disorder or even revolution, workers gained better conditions and most importantly the franchise. Possessing most votes, they could rewrite the social script to greatly lessen inequality. That they failed to do so is testimony to elites’ persuasive laissez-faire ideology that convinced them that it would not be in their interest. Only once, due to the extreme hardship of the Great Depression of the 1930s, was the elite’s ideology sufficiently delegitimated to enable political measures that decreased inequality between the 1930s and 1970s. However, laissez-faire ideology resurged to dominance in the late 1970s, legitimating public policies that have exploded inequality over the past 50 years, proving again the extraordinary persuasive power of the elite’s ideology. This collection of essays provides scholars and others with an understanding of the absurdity of how with our unparalleled material abundance we suffer ever greater insecurity, stress, and pessimism. There is urgency that laissez faire ideology be delegitimated before the policies it justifies lead to the destruction of democracy and our ability to avoid ecological Armageddon. These essays will appeal to academics with interests in the dynamics of exploitation and inequality and to those worried about exploding inequality, the survival of democracy, and preserving our habitat.&nbsp;

Studies in Economic Exploitation and Ideology

In I Did Everything Right So Why Am I Still Struggling?, Michael J. Henderson exposes the often-hidden realities behind the American dream. With deep personal insight, Henderson shares his journey and the lessons learned from doing everything that society promises will lead to success working hard, studying diligently, and following the rules-only to face continued struggles.

This compelling book is a critical examination of the economic systems that shape our lives. Henderson argues that hard work alone does not guarantee success, and that the structures we rely on are rigged against the very people who contribute the most. Through an exploration of debt, opportunity, meritocracy, and class, Henderson demonstrates that the true barriers to success are systemic, not personal failures.

I Did Everything Right So Why Am I Still Struggling? is more than just a memoir it is a powerful social critique that challenges readers to rethink the promises they were taught about success. It is an invitation to stop internalizing failure and start understanding the forces at play. Henderson calls for a shift in perspective, urging readers to recognize the difference between individual effort and structural inequality.

This book is essential reading for anyone questioning why the rules they've followed for success seem to fail them, and for those seeking to understand the broader forces shaping their lives. It's a thought-provoking exploration of what happens when the American dream doesn't deliver and how to reclaim your power in a system that doesn't reward effort equally.

I Did Everything Right So Why Am I Still Struggling?

Post-Disasters Economic and Financial Trends Across Europe

Routledge Revivals

The Moral Economy of Trade (1994) investigates the agents of trade during the process of transformation from an indigenous rural subsistence economy into a cash-crop-producing market economy and a more-or-less integrated market-system in Southeast Asia. Drawing on earlier anthropological and sociological studies of trade and markets in tribal and peasant societies, it makes use of a new perspective on traders and their relation to society. By looking at this situation from the viewpoint of the individual trader or group of traders, it explores their action strategies and the dilemma they face: on the one hand, fulfilling a moral obligation to share proceeds with kinsfolk and neighbours and, on the other, realizing profits and accumulating trading capital.

Ethnicity and Developing Markets

The Moral Economy of Trade

Banking and finance has emerged as a leading sector of the Indian economy. Notwithstanding this, due to its technical nature, the sector has by and large remained outside the purview of the uninitiated readers. The Routledge Handbook of Indian Banking and Finance is devoted to analytical accounts of various aspects of Indian banking and finance and tries to address this vacuum.Written in non-technical language by prominent academics and industry experts, each chapter explores the basic tenets and current challenges within Indian banking and finance across three core areas: institutions, markets, and regulation. Institutions cover issues relating to commercial banks, co-operative banks, technological aspects of banking, mutual funds, insurance, or financial inclusion. Various markets are covered as well, and these include equity, bond, commodities, private equity, forex, money, real estate finance, or alternative assets. The regulatory section addresses the regulation of banking, the risk management practices and norms in the banking sector, insurance, pension funds, the securities market, and the role of government in finance. The chapters provide a comprehensive narrative tracing the evolutionary chronicle of a particular segment of the financial sector while delving into current issues and speculating on the shape of things to come.Offering comprehensive coverage, this book will be a go-to resource for beginners and specialists alike. It will be of interest to those working with corporate finance, banking, finance, economics, business and industry, management and marketing, and banking- and finance-related law.

The Routledge Handbook of Indian Banking and Finance

*** THE&nbsp;NEW YORK TIMES&nbsp;BESTSELLER *** Chosen as a book of the year by the New Yorker,&nbsp;Financial Times,&nbsp;The Times&nbsp;and&nbsp;Sunday Times.'A field guide to the super-rich . . . a hoot to chronicle - and even more fun to read'&nbsp;Sunday Times&nbsp;The one percent now hold more of America's wealth than they did in the heyday of the Carnegies and Rockefellers, and their habits cast a longer shadow than ever before. With deft storytelling and meticulous reporting, Evan Osnos exposes the hidden world of the ultrarich in all its outrageous, fabulous, ridiculous detail: superyachts, luxury bunkers, private gigs, wealth managers, elite tax dodges and a torrent of political donations.Osnos's essays are an entertaining, unsettling and eye-opening wake-up call - a case against complacency in the face of unchecked excess and staggering disparities of wealth and power. As the choices of the ultrarich ripple through our lives, The Haves and Have-Yachts&nbsp;couldn't be more relevant to today's world. 'A prestige romp'&nbsp;New York Times&nbsp;'Superb'&nbsp;Literary Review&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;'Charming'&nbsp;Washington Post&nbsp;'Important'&nbsp;Irish Times'Entertaining and unsettling'&nbsp;Financial Times

Dispatches on the Ultrarich

The Haves and Have-Yachts

Routledge Frontiers of Political Economy

New social risks, ranging from profound transformations in labor markets to rising inequality and the climate crisis, are reshaping contemporary societies and demanding innovative forms of social policy. This book argues that the critical expansion of public social services is central to addressing these challenges. Securing and investing in public services, particularly the social provision of education and health care, not only fosters well-being but also contributes to building equitable, low-carbon economies and generating quality employment.The book draws on a wide range of theoretical traditions, including the capability approach, development studies, welfare state scholarship, and the UK's Universal Basic Services perspective. It also advances a novel conceptual framework: the "constitutive welfare state." This framework reconceptualizes public social services as an economic sector in their own right, with far-reaching structural consequences.Blurring the often overdrawn boundary between Global North and Global South experiences, the ensuing empirical analysis turns to Brazil as a Global South case that serves both as a concrete illustration and as a broader laboratory for the policies advanced in this book. The Brazilian case provides estimates of the macroeconomic, social, and ecological effects of expanding these services, including their potential to generate low-carbon, equitable employment and to narrow gender and racial wage differentials. It also addresses the main constraints such an agenda would confront.The book will be of interest to scholars and students of development, welfare state studies, social investment, well-being, labor markets, economic inequality-including gender and racial inequality-and distributional macroeconomics.

Reimagining the Welfare State

How the great political thinkers have persistently warned against the dangers of economic inequality

Economic inequality is one of the most daunting challenges of our time, with public debate often turning to questions of whether it is an inevitable outcome of economic systems and what, if anything, can be done about it. But why, exactly, should inequality worry us? The Greatest of All Plagues demonstrates that this underlying question has been a central preoccupation of some of the most eminent political thinkers of the Western intellectual tradition.

David Lay Williams shares bold new perspectives on the writings and ideas of Plato, Jesus, Thomas Hobbes, Jean-Jacques Rousseau, Adam Smith, John Stuart Mill, and Karl Marx. He shows how they describe economic inequality as a source of political instability and a corrupter of character and soul, and how they view unchecked inequality as a threat to their most cherished values, such as justice, faith, civic harmony, peace, democracy, and freedom. Williams draws invaluable insights into the societal problems generated by what Plato called "the greatest of all plagues," and examines the solutions employed through the centuries.

An eye-opening work of intellectual history, The Greatest of All Plagues recovers a forgotten past for some of the most timeless books in the Western canon, revealing how economic inequality has been a paramount problem throughout the history of political thought.

How Economic Inequality Shaped Political Thought from Plato to Marx

The Greatest of All Plagues

From the bestselling, National Book Award finalist, author of Strangers in Their Own Land, an intimate glimpse into the cultural factors that gave rise to the right in one of our country’s most overlooked regions—Appalachia, with a new afterword by the author For all the attempts to understand the state of American politics and the blue/red divide, we’ve ignored one critical question: what can economic and cultural loss do to pride? What happens, Arlie Russell Hochschild asks, in a work called “one of the year’s most important books” by Counterpunch, when the people of a hard-hit, long-ignored, region are grappling with a loss of pride while being confronted with a powerful political appeal—one that makes it feel “stolen”?

Hochschild’s research drew her to Pikeville, Kentucky, in the heart of Appalachia, within the whitest and second-poorest congressional district in the nation, where the city is reeling: coal jobs have left, crushing poverty persists, and a deadly drug crisis has struck the region. Although Pikeville was in the political center thirty years ago, by 2016, 80 percent of the district’s population voted for Donald Trump.

Hochschild, “a curious and skilled listener” (Financial Times), focuses on a group swept up in the shifting political landscape: blue-collar men. In small churches, hillside hollers, roadside diners, trailer parks, and Narcotics Anonymous meetings, she introduces us to unforgettable people, and offers an original lens through which to see them and the wider world.

Loss, Shame, and the Rise of the Right

Stolen Pride

A compelling account of the role of asset managers in driving consolidation across the American economy, offering a bold call to revive and reinforce US antitrust and antimonopoly policy. Recent decades have witnessed the rise of both finance and monopoly power in the United States. Although seemingly unrelated, these developments are in fact intimately linked. As Andrew McLean makes clear, asset managers-especially private equity houses and large index investors-are key contributors to the decline of competition in the American economy. Antitrust and the Age of Asset Management explores two primary ways in which asset managers drive consolidation. First, there is the private equity practice of strategically acquiring numerous companies in a single industry. Such "roll-up" acquisitions are responsible for consolidation across many sectors, from local newspapers to ski resorts, and have been particularly prominent in healthcare, harming patients, workers, and the medical system at large. Second, a subtler form of consolidation is created by "horizontal shareholding," in which asset managers hold shares in multiple companies operating in the same market. This phenomenon has grown alongside the increasing popularity of index funds from providers such as BlackRock, Fidelity, State Street, and Vanguard, and is associated with anticompetitive effects in a range of industries, from airlines to agriculture. McLean proposes several ambitious reforms to contest finance-led consolidation, including banning acquisitions that would give a private equity house control of more than 30 percent of a market and imposing a maximum cap on the amount of equity capital that an asset manager may manage. Highlighting the close ties between monopoly and finance, Antitrust and the Age of Asset Management is a timely addition to debates about market power and the dangers of an excessively large and influential financial sector.

Antitrust and the Age of Asset Management

Understanding Economic Inequality: Causes and Solutions

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