Yale Law School professor Samuel Moyn argues that the fate and character of the US is being determined not by forward-looking young people, but those in the final third of their lives.
The “generation war” narrative has been around for as long as there have been generations.
Aristotle said the young “think they know everything, and confidently affirm it”, while older people “live in memory rather than in hope”.
People are living longer and healthier and this has implications both for countries and for wealthy families.
In democracies
Families are not democracies (as I’ve told our kids many times). In families
In a family, a lot will depend on the governance currently in place.
Family governance rules range from non-existent (‘undocumented’ might be a better term) to being so constrained that they are tantamount to ruling from the grave.
In most cases, there will be long periods of time where the older people in the family are making decisions that significantly impact the younger people, and indeed family members yet to be born.
The well-known quote from the Hermès family is “You do not inherit a family business. You borrow it from your grandchildren”.
That approach turns the family balance sheet on its head, and reflects governance with a strong sense of stewardship and humility, and a time-cycle in decades.
This is where the approach of those in power at any time is most important.
If they embody a Hermès-style attitude, they will make decisions thinking about the needs of future generations. They may invite younger family members to participate in the process, even though they may not have any legal decision-making power.
That achieves two things for the younger family members:
For years I thought that a member of the Hermès family coined that saying. In fact, back in 1971, the environmental activist Wendell Berry wrote that “a true conservationist knows that the world is not given by his fathers, but borrowed from his children”.
In democracies, people largely vote with self-interest in mind. Dwindling birth rates mean ageing populations place a larger burden on the youth. Progress isn’t the overthrow of the old by the young, rather that we all want to leave behind a world better than the one we found.
Families don’t suffer from the scale and diversity challenges of countries.
Everyone in the family can be raised with the goal of leaving behind a world better than the one they found.
Conversation Starters:
The original article was published in Family Gerontocracy - David Werdiger
Share on
Get your monthly subscription
Recent Articles
A successful family advisor, business strategist, entrepreneur, and thought leader with a proven track record of achievement in driving innovation and growth for entrepreneurial endeavours and not-for-profit organisations.
David's experience includes founding and building multiple businesses from the ground up, and expanding and leading operations into new markets. He is recognised by colleagues as a creative problem-solver and strategist with expertise in coming up with ideas and creating new ways of improving business, strategy, operations, and results.
As a business and family advisor, he provides clients with expert business advice on intergenerational business and wealth transition, advancing entrepreneurial efforts, setting up good governance, improving financial and operational results, and strategic direction. He is also a seasoned program leader with an aptitude for providing governance in corporate and philanthropic pursuits with a strong focus on culturally focused non-profits.