A Postcapitalistic People? Examining the Millennial Generation’s Economic Philosophies and Practices

Abstract

This article investigates the economic orientations of the members of the Millennial generation, so as to assess possible shifts towards their adoption of degrowth philosophy and practice. The text provides a general literature review oriented towards indicating the link between the Millennial generation’s economic standpoints and possible directions of evolution of the economic system in the Western world. An orientation towards the market and its economic system has become one of the distinctive features embedded in the portrait of the Millennials, who not only create the dominant social force of the Western world but also represent the first generation in which the majority question well-established market philosophies. The article considers the potential contribution of the Millennial generation to the further development of alternatives to traditional notions of growth. Until now, the evolution of the economic framework has been pushed forward mainly by policymakers and government representatives. System designers have shaped the desired outcomes via international agreements, internal policies, and the empowerment of different economic actors, driven by a belief in the long-term benefits of the capitalism–democracy nexus. However, this moment in history, in which such principles are being seriously questioned, creates a space for bottom-up processes and the reconfiguration of economic realities with a potentially transformative effect on the whole framework.

The Millennial Generational Style: New Global Political and Economic Orientations

“…Importantly, this is not driven merely by economic necessity ; for example, a majority of MENA youth prefer self-employment and a large part among those indicate this preference to be related to a quest for greater independence (Buckner, et al, 2017). On the other hand, when Millennials opt for employment, they seek a management culture that would allow them to pursue 'individual purpose': inserting personal ideals into the organization, contributing to innovation, rapid advancement, investing in personal skills, and establishing a work-life balance (Zachara, 2021).…”

“…This economic thinking is well manifested in Millennials' holistic approach to market institutions: they think of market institutions to be comparable to non profits and political organizations and thus assign them roles and responsibilities in shaping social realities (Zachara, 2021). Both as consumers and employees, for example, they "…expect companies to care about social issues and are ready to build their relations with commercial partners and employees dedicated to the idea of the greater good…".…”