Future generations

Won-Yong Oh

Chapter 12 in Market Capitalism and Social Responsibility, 2026, pp 189-203 from Edward Elgar Publishing

Abstract: This chapter explores the ethical and economic dimensions of intergenerational justice, focusing on how present decisions shape the opportunities of future generations. Beyond philosophical debates, the analysis highlights fiscal debt, unsustainable pension systems, and environmental degradation as structural burdens that constrain long-term growth and stability. The concept of intertemporal externalities illustrates how today's consumption, investment, and technological choices generate future costs or assets. For firms and policymakers, this raises strategic imperatives: managing resources responsibly, embedding precautionary principles in innovation, and investing in human capital to sustain competitiveness. Corporate responsibility is reframed as extending beyond short-term profit to safeguarding social trust, democratic institutions, and economic resilience for future stakeholders. Ultimately, the chapter underscores that solidarity with future generations is not only an ethical obligation but also a strategic necessity for sustainable markets, stable governance, and long-term corporate legitimacy.

Keywords: Intergenerational Justice; Future Generations; Public Debt; Environmental Debt; Pension Systems; Intertemporal Externalities (search for similar items in EconPapers)
Date: 2026
ISBN: 9781049409207
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