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.
Highlights
The environmental sustainability and social implications of economic growth have been subject to much debate for many decades
The focus has shifted from economic growth to human growth, which stands in line with the highly individualistic philosophies of the dominant generation and its attachment to personal growth and self-development
This integrated approach has been effective in tracing the economic orientations of the Millennial generation in the context of the likely future shifts of capitalism, given the increased interest in sustainability, degrowth, and green philosophies
Summary
The environmental sustainability and social implications of economic growth have been subject to much debate for many decades. The text provides an integrated 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 Within this framework, the focus has shifted from economic growth to human growth, which stands in line with the highly individualistic philosophies of the dominant generation and its attachment to personal growth and self-development. While traditionally the Western growth system is associated with progress, the greater accumulation of wealth with success, and economic clout with political power [14], Millennials see progress in more technological and human-oriented frames and appear to be rather postmaterialistic [18] They reformulate social and economic ideas to resonate with the values and attributes of the good life and protection of the intangible heritage: the natural and cultural ecologies overlooked by capitalistic economic discourse. The American economy stands at the center of Western-style consumer capitalism and produces the most influential market-related ideologies [21]
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