IELTS Writing Task 2: Money and Global Economy (Opinion Essay - Band 8.0 Model)

Essays related to money, finance, and global economic disparity are common in the IELTS exam and demand a high level of academic precision. This Band 8.0 model opinion essay provides the necessary structure and sophisticated language to effectively argue your stance on complex financial topics.

❓ The Essay Prompt

Question: Some people argue that governments should place a limit on the amount of money any single individual can earn, while others disagree. To what extent do you agree or disagree with the idea of limiting personal wealth?

📝 Band 8.0 Model Answer (Disagreeing Opinion)

Introduction

The contemporary global economy is characterized by a significant and ever-increasing disparity between the rich and the poor. While the concept of imposing a ceiling on personal remuneration is sometimes proposed as a solution to this wealth gap, I strongly disagree with the notion of limiting individual earnings. Such a measure would ultimately stifle economic growth and violate fundamental principles of a meritocratic society.

Body Paragraph 1 (BP1: Negative Economic Impact)

The primary objection to limiting personal wealth is the **detrimental impact** it would exert on **economic dynamism and innovation**. High earners are often the **catalysts for significant investment**, founding companies, and creating numerous job opportunities. If the government were to cap the rewards for their risk and effort, these high-potential individuals would have a dramatically reduced incentive to pursue groundbreaking ventures. Consequently, the entire economy would suffer from a **slowdown in capital injection** and a decline in entrepreneurial spirit. **What is essential is not the limiting of earnings, but the fair taxation of excessive profits** to fund social services.

Body Paragraph 2 (BP2: Ethical and Practical Concerns)

Furthermore, the notion of imposing a salary cap is both ethically questionable and practically **unfeasible to implement**. Limiting the return on one's labor violates the principle of reward based on merit and contribution. Moreover, in a globalized economy, wealthy individuals could easily relocate their assets and enterprises to jurisdictions where such restrictive policies are not in effect. Such **capital flight** would result in a substantial depletion of the national tax base, thereby exacerbating the very inequalities that the policy was designed to address.

Conclusion

In conclusion, although the persistence of wealth inequality poses a considerable societal challenge, the solution does not lie in restricting the amount of money an individual can earn. Measures such as limiting personal wealth would inevitably **dampen entrepreneurial ambition** and trigger negative economic repercussions. Instead, governments should focus on **progressive taxation models** and investment in universal public services to ensure a more equitable distribution of opportunities.

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🔑 Key Vocabulary for Finance and Economy Essays (Band 8.0+)

• **Key Nouns/Phrases:** *economic dynamism*, *stifle economic growth*, *capital injection*, *detrimental impact*, *meritocratic society*, *progressive taxation models*, *capital flight*
• Key Adjectives: *ever-increasing disparity*, *ethically questionable*, *substantially depleted*

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