Millennials may not fully realize it, but they are capitalists in almost every aspect of their lives.
In an op-ed at Wall Street Journal, Warren A. Stephens explains that Millennials often misunderstand what socialism and capitalism mean, but they are especially skeptical of capitalism. Regardless of their feelings, young people continue to “celebrate entrepreneurs and free enterprise. This disconnect is at best confusing; at worst it’s troubling.” Mr. Stephens writes:
“When did capitalism become anathema to young people—and why? … Clearly the tenets of capitalism are deeply and fundamentally misunderstood. No system has done a better job addressing the very issues that its critics think are important. Capitalism has stabilized our communities, created jobs, lifted people out of poverty, and empowered them to fulfill their dreams.”
Millennials are the most entrepreneurial and innovative generation ever. Many of today’s most popular technologies like the iPhone, Amazon, Spotify and Netflix are a result of the free market’s triumph over socialism.
While Millennials might claim to identify with socialism’s ideals, they often don’t understand history enough to realize how free markets allow our society to flourish.