Global Capitalism and the ‘Lost Generation’

By November, 1 million young people in the UK will be unemployed, according to a report out this week from the newly-launched Alliance for Full Employment. It has the backing of the former Prime Minister and Chancellor Gordon Brown, who warned of a “lost Covid generation” of young people with no prospects and nothing to do. The cost, he says, is more than just a financial one: “It destroys self-worth; it hurts family life; it shatters communities”. So what should our moral obligation be to this generation? A parallel has been drawn with the post-war period which saw the birth of the Welfare State. While there is widespread support for short-term financial help, there are those who caution against what they see as writing off an entire generation as ‘lost’, or institutionalising state dependency; they believe that the pandemic has merely accelerated inevitable economic change from which a brighter future can emerge. There are many young people who don’t share that optimism, and point to how the Covid crisis has exposed pre-existing health and wealth inequalities, which, for them, raises bigger questions about the morality of global capitalism. This is the moment, they argue, to change capitalism so that it focuses on what humans really want and need, and to actively promote the things we value beyond financial success and economic usefulness. Capitalism’s supporters, however, see our quality of life as being intrinsically bound up with markets and economic growth. For them the moral response to Covid is to kick start the consumer boom and allow people the freedom to make money unconstrained. Is it time for a radical challenge to unbridled capitalism for sake of the young, or is the ‘invisible hand’ still the best way to get a leg up? With Grace Blakeley, Ian Goldin, Daniel Pryor and Jamie Whyte.Producer: Dan Tierney.