The hidden costs of rapid economic growth

Abstract

It is a well-known fact that a free and open global order in the post-war era has led to sustained economic growth for many countries. Several countries, in particular, has managed to accumulate wealth more rapidly than all others. Developments in recent years has nonetheless suggest that the implications of such rapid economic growth are gradually beginning to surface. This paper examines several of these successful economics to look for clues of these hidden costs through their experiences. We find that these challenges can be mainly classified into three types -- demographics, environmental and social. The paper also presents several possible responses to mitigate these challenges.