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This paper examines the link between two concerning phenomena in many contemporary democracies: increasing income inequality and diminishing support for democracy among youth. Existing theories of economic voting or democratic socialization cannot fully explain the confluence of these two trends. Using South Korea as a lens, we revive and build on Easton’s theory of diffuse versus specific system support to argue that generationally distinct beliefs about redistribution yield fundamentally differing bases for democratic support. We combine text analysis of in-depth interview data and survey analysis to show that, while the older generation in South Korea supports democracy based on their perceptions of the economic performance of the regime, the younger generation bases their support on beliefs about redistribution. By demonstrating generational differences in the sources of democratic legitimacy, this study nuances the conventional understanding of the relationship between democracy and development.