The spectre of Gen Z socialism is haunting the world, according to the Economist. In a recent cover story, the magazine warns that 'resisting Gen-Z socialism is therefore an urgent task,' a call that critics argue must outweigh the urgency of feeding hungry people.
The Economist's Warning
In an editorial titled 'How to fight back against gen Z socialism,' the Economist expresses alarm over a youthful threat to the established order. The magazine claims that 'Gen-Z socialism is a me-first doctrine,' contrasting it with the selfless nature of capitalism. It argues that young socialists have adopted 'a zero-sum mindset, where a better outcome comes not from creating but from taking.'
However, critics point out that the Economist itself is owned by wealthy interests. The investment company Exor, controlled by a family with $38 billion in net assets, holds the largest stake. Meanwhile, Canadian businessperson Stephen Smith, with a personal net worth of $6.9 billion, owns more than a quarter of the magazine.
Rising Poverty and Hunger
While the Economist focuses on the threat of socialism, poverty and hunger are escalating. In the UK, the overall poverty rate is 21%, and child poverty stands at 31%. A survey by the Trussell Trust found that over 14 million people in the UK faced hunger last year due to lack of money, up from 11.6 million in 2022. One-third of children under five live in homes without adequate access to healthy food. In the United States, Feeding America reports that one in five children 'don't have enough to eat.'
The Economist's editorial acknowledges that 'spending can be paid for by the richest' but dismisses such ideas, favoring stability. It argues that an economy flourishes when opportunities are available, not when rewards are guaranteed.
The Appeal of Socialism to Gen Z
The magazine warns that digital natives are attracted to the welfare state, with messages like 'Saying that prices should be capped to keep your bills down while someone else pays for your public services is a seductive, shareable message.' It notes that 'Gen-Z socialists demand handouts funded by billionaires' and harbor 'a remarkable hostility to private enterprise.'
Critics, however, see this as a rich person's logic to avoid parting with money. The Economist urges free-market liberals to stop apologizing and defend the system that has brought unprecedented riches. 'A robust defence of the ideas that have brought unprecedented riches has barely been tried,' it states.
The Urgency of the Situation
The Economist concludes that resisting Gen-Z socialism is urgent, but critics argue that the urgency of feeding hungry people should take precedence. The magazine calls for free-market liberals to recognize the danger of young adults being swayed by socialism due to their dislike of income inequality and human suffering. It is up to them, the Economist says, to rescue society from the threat of social equity.
Norman Solomon is the director of RootsAction and executive director of the Institute for Public Accuracy.
