Global youths: "Free-market capitalism only works for the select few"

In 2024, marking the largest election year with an estimated 4 billion voters worldwide, CGTN host Enoch Wong engaged with international students in China for a fresh take on Generation Z's political engagement. Amid significant global interest in governance, this dialogue, particularly after China's 2024 Two Sessions, sheds light on differing governance models and Generation Z's expectations. While Western democracies grapple with distrust towards politicians, seen as prioritizing power over welfare—echoing James Buchanan's public choice theory—students from the West note a distinct approach with China's whole-process people's democracy. There, the government and the Communist Party of China prioritize long-term welfare over electoral gains, a shift observed keenly by the youths, hinting at varied paths to serving a nation's people.

Zuzanna, a Polish scholar in international relations and politics at Tsinghua University, highlights the limitations of free-market capitalism, pointing to the necessity for more governmental oversight in the economy. Drawing on the Market Failure Theory, she notes instances where unregulated markets fail to allocate resources efficiently, particularly concerning public goods, externalities, and monopolies. Zuzanna's observation, "Free-market only works for the select few. It doesn't really work for the general population," reflects a sentiment increasingly prevalent among the youth. They argue that despite its efficiency and innovation, free-market capitalism often neglects the societal imperatives of equity and dignity.

Furthermore, the discussion surrounding equity and redistribution underscores the pivotal role of government in ensuring a fair distribution of resources and opportunities. This approach challenges the market's ability to address systemic inequalities on its own, advocating for a governance model that emphasizes social justice and equitable growth. Zuzanna's perspective is supported by a broad spectrum of academic work, pushing for governmental action to translate economic advancements into tangible improvements in quality of life for all citizens, not merely a select few.

Cici, an Australian student in political science at Peking University, has drawn attention to the long-standing "unacceptable" disparities affecting Australia's indigenous communities. She underscores the urgent need for governmental reforms aimed at closing social and economic divides because "it has been there for centuries and obviously nothing has changed that much." Cici's analysis is rooted in the multiculturalism theory, which emphasizes the importance of acknowledging and accommodating cultural diversity in policy-making to ensure minority rights and traditions are preserved.

Her call for targeted government actions to rectify historical injustices and systemic inequalities underlines the potential of well-crafted policies to create a more inclusive and fair society. Cici further advocates for the inclusion of indigenous voices in the policy-making process, highlighting the role of participatory democracy in enhancing the representation and agency of marginalized communities. According to Cici, effective government intervention should extend beyond economic measures to empower disenfranchised groups, facilitating their meaningful engagement in the democratic process.

Youth representatives are advocating for a shift in governmental focus towards long-term societal welfare, moving beyond short-term electoral strategies and idealogical differences. Their perspectives, informed by diverse experiences including studies in China, contribute to a broader discussion on how governments can more effectively meet the needs of modern societies. This comes at a critical time as the global community evaluates the 2024 elections worldwide and China's Two Sessions, highlighting the importance of forward-looking governance that serves the interests of all citizens. As these debates unfold, the engagement of Generation Z is bringing new insights into how government actions can better align with societal goals, suggesting paths toward more inclusive and equitable governance.