Negative impact
The development of washing machines had a negative impact on my job as a house help. My duties as a house help included washing my employers’ clothes and utensils. As a house help, I used to ensure the house of my employer was clean and wash their clothes since they were busy. Washing my employer’s clothes formed one of my main duties, and as such with the development of the washing machine, I lost my job.
My services such as washing clothes were replaced with the development of the washing machines that could easily wash many clothes at a time. The neighbors could also use the washing machine brought by my employer and as such, I had nowhere to search for a job. Creative destruction, in this case, had a negative impact on me as I lost my source of income that paid my bills. Because I had no other job, I had a difficult time trying to pay my bills. My employer, on the other hand, benefitted from the development of the washing machines as they could use the machine at their disposal.
The washing machine they bought could wash their clothes at any time of the day and what they needed was simply to operate it. Operating a washing machine is easier than giving instructions to the man who can easily forget and as such, they were saved much by the washing machine that they could just operate. The development of the washing machine was unfair to me but fair to my employees who never wasted money on paying a house help.
Positive impact
Online payment systems are replacing the traditional payment systems or transaction processes that need an institution or individual to authorize the transaction. The traditional payment systems required an individual to go to the financial institutions or banks for the transaction to occur. Some of the activities that made one go to the bank or the bank outlets included sending individual cash, depositing cash and paying bills. The development of online payment systems has helped me as a businessperson who does many kinds of transactions. The traditional transaction systems are soon being phased out of the market and with time, online payment or transaction systems will form one of the main mechanisms of the transaction.
Online payment systems are replacing traditional payment systems and as such, businesspersons are greatly benefitting. As a businessman, I benefitted since online transaction systems are convenient, mobile and upholds privacy. Online payment systems also help in saving time as I do not need to go to the banks to send money to an individual or pay my bills. The online payment systems also operate at reduced costs compared to going to the banks or any financial institutions.
The development of the online payment systems that is slowly replacing the traditional payment or transaction system has a negative impact on the cashiers as it has rendered most of the cashiers jobless. The development of the online transaction system is fair to the people as it is the best for the society. However, it should be regulated so that it does not render many people jobless. The development of online transaction system has improved efficiency in the financial sector and led to the development of the economy since work is made easier.
