The spectre of Gen Z socialism is haunting the world, according to a recent cover story in The Economist. The magazine calls for resisting this youthful threat to the established order, urging defenders of private enterprise to be vigilant.
The Economist's Warning
In its editorial, 'How to fight back against Gen-Z socialism,' The Economist describes Gen Z socialism as a 'me-first doctrine,' contrasting it with what it portrays as the selfless doctrine of capitalism. It criticizes young socialists for having a 'zero-sum mindset, where a better outcome comes not from creating but from taking.'
The magazine argues that resisting this ideology is an urgent task, one that must take precedence over other concerns, such as feeding hungry people. It notes that 'a robust defence of the ideas that have brought unprecedented riches has barely been tried,' and warns that Gen Z socialist ideas are 'bleeding into the centre-left.'
Critique of The Economist's Stance
Critics point out the irony in The Economist's position, given the wealth of its own stakeholders. The investment company Exor, controlled by a family with $38bn in net assets, holds the largest stake in the magazine, while Canadian investor Stephen Smith, with a personal net worth of $6.9bn, owns more than a quarter interest.
Meanwhile, in the UK, where The Economist is based, the overall poverty rate is 21%, and among children it is 31%. A survey by the Trussell Trust found that more than 14 million people in the UK faced hunger last year due to lack of money, including one-third of children under five. In the United States, Feeding America reports that one in five children 'don't have enough to eat.'
The Economist dismisses the idea that 'spending can be paid for by the richest,' advocating instead for stability and opportunity. It warns that digital natives have been enticed by the 'honey trap' of a welfare state, with messages like 'prices should be capped to keep your bills down while someone else pays for your public services' being 'seductive and shareable.'
The Response from Free-Market Liberals
The editorial calls on free-market liberals to stop apologizing and to recognize the danger posed by young adults swayed by socialism due to their dislike of income inequality and human suffering. It concludes that resisting Gen Z socialism is an urgent task, one that must outweigh the urgency of feeding hungry people.
Norman Solomon, director of RootsAction and executive director of the Institute for Public Accuracy, argues that the machinery of a system that offers prosperity to some must push back against leftists trying to disrupt what works efficiently. He suggests that The Economist has sounded the alarm, and it is up to free-market liberals to rescue society from the threat of social equity.
