We – today’s and tomorrow’s – people of the united world: rethinking capitalism for intergenerational justice in the fin-de-millénaire

Abstract

Globalization leveraged pressure on contemporary society. Today’s most pressing social dilemmas regarding climate change, overindebtedness and aging Western world populations demand rethinking capitalism. Understanding the bounds of capitalism to avoid ethical downfalls beyond the control of singular nation states infringing on intergenerational equity – the fairness to provide an at least as favorable standard of living to future generations as enjoyed today – has become a blatant demand. This article captures the human natural drive towards intergenerational fairness in order to retrieve information on how to implement intergenerational justice. Based on the idea of intergenerational equity as a natural behavioral law, the following paper theoretically outlines the current societal demand for eternal equity and proposes intergenerational justice theories. Intertemporal connectedness and interaction of overlapping generations enables intergenerational benefits transfers and burden sharing. Social mobility within networks comprised of different generations is enhanced through social upward movement opportunities. In addition, meritocracy helps alleviate intergenerational inequality. Describing intergenerational care as something natural that has been practiced ever since helps spearhead interdisciplinary endeavours to solve contemporary predicaments between overlapping generations. Exploring intergenerational opportunities is targeted at innovatively guiding the implementation of justice over time and between generations. Strengthening financial social responsibility, social welfare and environmental protection through future-oriented and socially responsible economic market approaches of capitalism in the 21st century is aimed at alleviating predictable economic, social and environmental crises to ensure a future sustainable humankind for this generation and the following.