It is wealth, particularly inherited wealth, that is the crucial determinant of life chances
Recently, we’ve been hearing a gloomy story. Younger generations of Australians (millennials and Gen Z) are doing worse than their boomer parents, according to Generation Gap, a study of wealth distribution in Australia from the Grattan Institute. As a result, we are failing to maintain the “generational bargain” in which each generation does better than the last.
Talk in terms of conflict between generations is familiar and fits easily into our standard framing of social issues. However, this framing misses the real story, buried in the body of the Grattan report – the (re)emergence of a “patrimonial” society in which wealth, particularly inherited wealth, is the crucial determinant of life chances.
Continue reading...from The Guardian https://ift.tt/2L7OjVB
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