US digital neoliberalism

The United States was fortunate to be a victorious country without being attacked by the mainland in World War II. It was able to grow into a unique economic power beyond Europe. However, after the war broke out in the Middle East in 1973, six oil-producing countries in the Persian Gulf started to raise prices and cut production. The oil price shocked the world with an oil shock of over $ 4.80, which was 2.9 dollars per barrel. When the oil shock burst and the price rose explosively, it was forced to implement a 17% high interest rate policy to lower prices.

The problem was that the US manufacturing industry had begun collapsing when it could not afford the 17% interest rate. Few companies were able to make profits with a 17% interest expense. Naturally, 'made in USA' gradually disappears in the world market. Capitalism was almost collapsing because the economic crisis caused by the oil shock was a matter of suffering in most countries of the world as well as the United States. Britain has already applied for bailouts to the IMF.

To overcome this, the United States changed policy. It began to blatantly favor scientific technology that could directly contribute to economic growth. Alvin Toffler, who was once popular and popular, argued for the digital revolution, the telecommunications revolution, and the technological revolution, arguing that the world must move to a global, free market, and information age. The public listened to his words. In other words, the development of information and communication technology is strong in the 1970s, starting from a breakthrough to the US economic crisis.

The policy to overcome the economic crisis through information and communication was an attractive strategy for politicians who had to gain popularity in the 1980s by presenting a vision for economic development. Politicians representing Newt Gingrich have begun publicizing the notion that IT and its supporting policies can make a big difference to the United States. The American people also sympathized. Bill Gates and Steve Jobs were the ones who took the opportunity in this social atmosphere. With the crisis of not knowing when the world was going to collapse, most companies had a different challenge from their existing paradigm when they were shrinking their investments and shunting their bodies.