The discussion about future developments and behaviour of millennials is still ongoing. The generation will not only reshape the economy but also change the way we work together. Which effects does the new generation have on the political system?
In the Executive Panel Discussion the theme of young generations, so called millennials, who are less interested in democratical structures, has been discussed.
Susan Glasser, Staff Writer for The New Yorker brought up the example of Brexit. In her opinion, the overwalming remain vote came from younger voters. The outcome was driven by the generation gap. The gaps in societies seem to be cultural as much as they are ideological between the generations. The political system today does not work for this new group of people who are looking for something different.
Education the Way Forward
Lori Heinel, Deputy Global CIO at State Street Global Advisors, jointly pointed towards education being the key. Weather it’s raising awareness, retraining blue-collar workers before their jobs become obsolete or bringing digital fluency to women, it has to be done with the understanding that cultural gaps as well as ideological ones will be a major factor in global change and grow not only across geographics but mainly across generations. That creates a path forward and for women in particular because in the US 50% of colleague students are women which is not the case in other countries.
„Keep in mind that the single most important determinants of someone who voted for Trump was education level.”
European View of Millennials
Chairwoman at W20 Elva Susana Balbo gave us a Europe point of view about millennials. They tend to act collectively regardless of the environment, thus it needs to be recognised that Trump or any other politician will not win what millennials are pursuing anyway, changing the future of work.
“Trump can have all policies he wants, but he cannot stop what millennials are looking for.”
Constanze Stelzenmueller, Robert Bosch Senior Fellow at Brookings Institution, is scaptical, unlike the others on the panel. The Generation Y has grown up in a digital environment. They think of a complete mobility of goods, ideas, data and themselves. In her opinion, it is important that millennials understand that this political system is indeed the one that produces the maximum of best possible outcomes for a maximum number of people.
Reshape the Economy
Millennials seem to want to revise the terms on how political systems are set and play a major role in the consistent decline in index of democracy over past 12 years. The West is weaker as it has ever been from within, because support for our system is declining at a moment of increased confrontation with authoritarian powers. The young generation, which soon carries the largest buying power, has little interest in politics and was born in the world of everything. With sharing economy, we need to find a way to account for ‘’digital dark matter’’ like free information, currently not accounted to GDP.
„Do you believe that democracy is the best form of government?“
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