Side Effect of Rapid Economic Growth

Before I start, I just want to clarify that I am not an expert either in economics or in social science.This article is simply about a self-observation.

When I moved back to Bangladesh 6 years ago, it was quite not the Bangladesh that I saw before I left for Australia. All the changes were clearly visible. The best part was everything was changing rapidly due to the countries rising economic growth and there was so much scope for contribution.

However, all the changes were not positive. One of the negative effects I observed was the deterioration of ethical standards. With the increase in GNP, the ethical standard of the entire society dropped. The reason I mention GNP is that one of the main fuel for Bangladesh’s economic growth is the remittance sent by Bangladeshi nationals working all over the world.

My grandfather was a general govt officer with a big family to feed and educate. This was a common story during that period. I was told stories of their struggle and joy in little achievements. From which I can summarize that income was very limited yet their ethical standard was quite high. When income is limited, you do not have the financial freedom to bend the law. So, the safest option was to be lawful. Moreover, due to limited information about the rest of the world, their lifestyle was more traditional and they were pulled back from unethical activities by the good teachings of the religion.

When I look into my father and his contemporaries. Due to having a new independent country,many of the educated Bangladeshis of his time got the opportunity to hold higher positions in the government causing income levels to go up. Even local entrepreneurs flourished at the same time due to fewer competition. Now that a significant no of the Bangladeshis gained power and obtained a higher income, many had the tools to break their ethical barriers for personal gains. However, they knew what they were doing was wrong and tried to keep the unethical practices limited and maintained secrecy as it was still largely looked down in the society.

From the beginning of the 21st century Bangladesh experienced an economic boom due to the development of a large private sector creating many jobs. By this time, Bangladeshi migrants and expats also reached to a large number and huge sums of foreign currencies were flowing in. With the sudden rise in the country’s overall GNP, the real inflation shot up causing a bigger inequality in the country. This worked as a catalyst for many to engage in unethical practices just to be on the higher orbit of the society. However, many realized that was not the right thing to do, yet they kept on doing it.

As years passed by, the volume of black money increased so did the foreign remittance. Majority of these money were poured into the real estate. Land prices sky rocketed all over the country. Anyone who had a saleable land became rich overnight and the overall inflation rose even further. This had pushed the ethical standard to reach a point when it did not matter how you were earning as long as you were earning. The primary indicator of success in the society became money as almost anything could be bought for a certain price.

But that is not the end. The curve has gone below the zero line. Now we have come to a point where you are considered incompetent or outdated if you restrict yourself within your ethical barriers. Unethical activities are praised in the society as long as it brings you monetary benefits. People have started to admire those who have quickly become rich exercising unethical means. Even employers are looking for employees who can get their hands dirty for them.

If this is the trend, then I am just afraid that the next generation will simply not know what is ethical and what is unethical; what is right and what is wrong.

From this all I can summarize, Rapid Economic growth accelerates the deterioration of Ethical Standards of a society.