'Inheritocracy': the theory that suggests young people depend more on their parents to succeed economically
The theory posits that family-inherited networks are one of the most important elements. Photo: Istock
TL;DR
- The theory of 'inheritocracy' suggests family background and inherited resources are increasingly crucial for economic success.
- Young people inherit not only money but also networks, cultural capital, and the ability to take risks.
- Rising costs of living in housing, education, and healthcare make parental financial support essential for economic autonomy.
- Inheritance acts as a buffer against job uncertainty, temporary contracts, and loss of purchasing power.
- This intergenerational support is key even in middle classes for maintaining socioeconomic status.
- Inheritocracy implies that societies are becoming more rigid, with less social mobility.
- The theory questions the real weight of individual merit in a system where inheritance is a major driver of economic success.