Escape from Neoliberalism

Do you know about the "Black Thursday"? Black Thursday can mean: Octover 24, 1929, the start of the Wall street Crash of 1929 at the New York Stock Exchange. Suddenly, the value of stocks was changed to be paper. And a lot of companies bankrupted. So, many the unemployed were generated. Nobody could buy products and a number of company closed their business. Because of chain of the bankrupts, too many the unemployed were generated again. It seemed that there was no possibility of remedy. It caused the "World Economic Crisis".

The reason of World Economic Crisis is that government let market too freely. So, there was too much bubble in value of stocks. As soon as the value of stock fell, every saw-toothed wheels stucked. So, Smith's theory, "The Invisible Hand", was evaluated as that was impossible. So, Keynesian economics raised. In America, government had interfered into market and they did the New Deal Policy to generate consumption. It was the start of mix two economic way between Capitalism and Socialism.

Since Nixon's government, world economy has been under control of the Neoliberalism. But, the world economy is going down and especially, the American stock market is awful nowadays. So some have been worried about replay of "Black Thursday" or "Black Monday". Through the Neoliberalism couldn't solve this problems, we have to find another way.

Because of that reason, I think Obama's policy is better than McCain's. Actually, Obama prefers protective trade so he is not good for Korea and countries which have to sell their products to other's market. And he tries to prevent to make FTA between Korea and America. But, If America keep economy policy that is based on Neoliberalism, the world economy will not escape from this crisis.