It will not cost "everybody everything," because while lower TFR is global, it is not uniform.I don't think you really understand what you're talking about at all. This is a new problem that hasn't done anyone in yet and no one has bothered to solve. So what is your purpose? What do you suggest be done? There's nothing valuable in what you say if you can't answer that.
Looks like it's gonna cost everybody everything, isn't it? All the richer countries die off first. Then all the poor countries with huge TFR eventually develop to become rich, then they all experience low TFR and die off too. Off goes the human race, eh? Nothing specific about China if you're going to be pulling wild extrapolations hundreds of years into the future.
This is due to the cultural / religious factor, which acts as a differentiating factor between equally developed countries:
Countries also aren't equally rich and poor at the same time. Developing countries, especially those in Africa, have much higher TFR than developed countries.
So the end result will not be uniform. It will be a shift in power dynamics. Low TFR countries that are wealthy and developed today will peak, stagnate, and descend into geriatric poverty (since old people don't produce and are net dependents). So-called "windows of opportunity" will then open for countries with better population structure to displace and dominate them. Some of these windows will be seized; others, lost.
During this process, the weaker nations will indeed be extinguished, as it will be easy for a young, powerful country to conquer and colonize a geriatric, poor country, unless the latter has asymmetric factors like nuclear weapons to help protect their borders. Even easier, in fact, if they are inviting them in via immigration due to desperate labor demands. "It's not the end of the world, just the end of you," as a popular saying goes.
And then the cycle repeats.
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