[The Typing Baker] Let's Reflect on What Is Hidden Under the 'Generational Theory'

The Problem Is Not the Generation but the Class

[Asia Economy Reporter Park Jun-yi] "Are you also part of the MZ (Millennial and Gen Z) generation?"

If you are in your 20s or 30s and working, you have probably heard this phrase at least once. Terms like ‘MZ generation’, ‘Idaenam’ (men in their 20s at Ewha Womans University), ‘Idaenyeo’ (women in their 20s at Ewha), and ‘586 generation’ have long spread like a trend to collectively describe generations. These labels often come with negative connotations, such as “That’s just how the OO generation is.”

Professor Shin Jin-wook, author of There Is No Such Generation, delves deeply into this issue. He argues that there is no such thing as a generation that is “just like that.” People commonly define the 5060 generation (those in their 50s and 60s) as the establishment, assuming they were born during the period of rapid economic growth and have accumulated more wealth than today’s youth.

However, a closer look at that “generation” reveals that only a small fraction hold high-ranking positions in politics or corporate executive roles. In fact, the majority live as irregular workers or small-scale self-employed individuals. The author also points out that the characteristic of young people supporting meritocratic fairness may not represent the entire youth population but rather a subset who have succeeded within the meritocratic system.

Nevertheless, society continuously focuses on generational conflicts. Generational theories are the easiest and most effective way for the media and politicians to attract public attention. During the recent presidential election, many politicians shouted “2030” and each pursued strategies targeting what they thought were youth interests. Some focused on women’s issues, others on gaming and fairness issues. One politician even introduced a “generation encirclement theory,” adopting a strategy biased toward a specific generation. The media frequently featured special reports on the “MZ generation.” Amid this, generational and gender issues emerged as major topics in the election.

However, the issues always labeled as generational problems are often far from the realities of each generation’s members. In fact, the more generational theories are emphasized, the more real problems are pushed aside. For example, not all young people are most concerned with meritocracy and fairness or want policies addressing these. Some young people worry about whether they can afford a home or how much it will cost to raise children. Likewise, not all middle-aged people are focused on expanding their wealth; some may be struggling to put food on the table today.

The real issue lies not in generations but in social classes. The author says that people in their 20s, 40s, or 60s are “fellow citizens” living in an era of inequality. But the more generational theories are stressed, the less visible the enormous profits concentrated in the establishment and the gaps between classes become. This is because a particular generation is made the public enemy. Research by the private think tank LAB2050 analyzing real estate asset classes shows that the top 30% asset holders in the 60+ age group own 79.62% of assets, while the top 20% in their 30s hold 83.31% of assets. This indicates a high concentration of real estate assets across all age groups. The perception that the 5060 generation is the establishment cannot be sustained.

Politicians, the media, and all of us need to reconsider “generational theories” at this point. Instead of trying to understand the complex characteristics of each generation’s members, are we choosing a somewhat simplistic and superficial approach? I recommend this book to those ready to face the real life issues our society truly needs to understand.

There Is No Such Generation | Written by Shin Jin-wook | Gaemagowon | 400 pages | 20,000 KRW