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The Impact of Financial Inclusion on Poverty: From Keynesian/Liberal Perspective in the Fourth Industrial Revolution

In: Digital Financial Inclusion

Author

Listed:
  • David Mhlanga

    (University of Johannesburg)

Abstract

This chapter attempted to investigate, against the backdrop of the Fourth Industrial Revolution, how the Keynesian theory of poverty would be impacted by financial inclusion. This chapter presented evidence that both the Keynesian theory and the liberal theory are founded on the idea that economic underdevelopment in all its manifestations is a contributing factor to poverty. Market imperfections are not the only factor considered. It was also brought up those liberals believe that economic growth has the potential to considerably boost economic development, which is an essential component in the fight against poverty. The liberal position is that the government needs to intervene at the macroeconomic level through fiscal and monetary policy to address several concerns, the most pressing of which is involuntary unemployment. Economists who subscribe to the Keynesian school of thought believe that if a society takes steps to combat involuntary unemployment, the overall rate of poverty will fall, particularly among the population that was directly afflicted by the issue. At the end of the chapter, a discussion was about how changes brought on by the Fourth Industrial Revolution and financial inclusion is influencing poverty.

Suggested Citation

  • David Mhlanga, 2022. "The Impact of Financial Inclusion on Poverty: From Keynesian/Liberal Perspective in the Fourth Industrial Revolution," Palgrave Studies in Impact Finance, in: Digital Financial Inclusion, chapter 0, pages 249-265, Palgrave Macmillan.
    • Handle: RePEc:pal:psifcp:978-3-031-16687-7_14
    DOI: 10.1007/978-3-031-16687-7_14
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