WHY THE FOURTH TURNING HAPPENS. A Victor Davis Hanson article in National Review correctly specifies the dynamics.

An entire generation nursed on socialism as a birthright — with no direct memory of the hardship of the Depression, World War II, the postwar rebuilding, or the fault lines from left-right violence in Spain, Italy, and Greece — will very soon be “asked” to give much of it up. As the statist economy goes, so too will go much of the European posturing about state-subsidized radical environmentalism, pooh-poohing of Islamic radicalism, and holding up of the bogeyman of American imperialism. Those were always pipe-dream ideologies of an affluent and subsidized populace. They are certainly luxuries beyond the means of a far poorer, far angrier citizenry that now must live in the unkind world.

It is when those who have not had the opportunity to experience the past that they are condemned to repeat it. Some long-wave models of financial cycles propose a similar dynamic.