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.