신자유주의의 평가와 전망

An Assessment of and Prospects for New Liberalism

New liberalism which asserts small government and the big market has dominated the world economy for the last one generation The new liberalism criticizing Keynesian interventionism broke the illusion that government is omnipotent and impartial. Globalization, one of the products by new liberalism, has decisively contributed to rapid economic developments of Asian and Eastern European developing countries. For a while new liberalism has exposed a critical problem that it has disclosed market failures such as polarization of economic distribution and economic destabilization. The global financial crisis and recession which has started since the middle of September 2008 has been revealing these problems. Interventionism has the problem of government failure while the laissez-faire doctrine has that of market failure. Therefore, one paradigm comes out after the other paradigm is sustained for a long time, since a long prevalence of one paradigm causes accumulation of discontents of the people. The election of the U.S. last September is good proof that this is the case in point, It seems that an era of new interventionism has just started.