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People's Daily Online>>Opinion

Occupy movement must find global answers

(Global Times)

09:32, November 17, 2011

The Occupy Wall Street movement took a dramatic turn early Tuesday, as the police in New York cleared up protestors from Zuccotti Park, and ar-rested about 200 people resisting the crackdown.

The US Supreme Court upheld the city's right to evict protestors, and the park, the birthplace of the nationwide movement, remained closed from a reoccupation. Meanwhile, occupiers vowed to come back. It remained un-known where the nearly two-month old movement would return at the point of its inception.

The most dreadful facet of the movement is probably the sense of disillusionment among a generation of Americans, a sentiment echoed by various polls. Even though the protes-tors can be cleared, the angry mood toward the flawed system cannot eas-ily be removed.

As an election year looms, the Occupy movement is very likely to become a card played by both Demo-crats and Republicans. But neither side is able to provide a quick solu-tion.

The American people require more jobs for ordinary people and less greed in the Wall Street but this outpouring of social anger has a deeper root. The US, long consid-ered the spokesman for free capital-ism and market economy, comes to another crossroads of history. Occupy Wall Street is an alert that adrift capi-tal must be brought back to real in-dustries.

Lack of regulation of the financial industry is a common problem in Western countries. Market econo-mies are about optimizing resource distribution and boosting economic efficiency. However, in the past de-cades, the financial system has large-ly served as a mechanism of wealth distribution in these countries.

For a long period, the risks of this growth model were undertaken by developing countries. But in recent years, many among them have resist-ed bearing the burden of such risks. A reliance on the financial industry to fuel economic growth brought on the current crisis. This is a punishment for the prevailing neo-liberalism in the West. Protests like Occupy Wall Street may be just beginning.

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