Tomorrow's History October 28: The Great Waves of the Economy and the Path We Must Find Within

History is simultaneously a record of momentous events and a testament to the wisdom and reforms humanity has chosen at every moment of crisis. Each morning, News S opens the door to the past to illuminate the present and foresee the future through our daily serialization 'Tomorrow's History'. Today, October 28, we trace back the economic history and social turning points that this day carries.

1. Yesterday's Defining Moments: The Great Depression of 1929 and the Global Financial Crisis of 2008

Today, October 28, is a day where momentous turning points converge—pivotal moments that sent shockwaves through world economic history or warned the globe of structural vulnerabilities in capital markets.

• October 28, 1929 (The Full Unfolding of the Great Depression)

The New York Stock Exchange experienced an unprecedented stock market crash, unleashing the whirlwind of the Great Depression that struck the world. The illusion of an ever-rising boom collapsed, countless businesses went bankrupt, and the streets overflowed with the unemployed. This economic catastrophe transcended mere capital loss, becoming a massive detonator that plunged the entire world into political extremism and the ravages of war.

• October 28, 2008 (Waves of Restructuring During the Global Financial Crisis)

Global financial markets, including those in the United States, were experiencing unprecedented credit crunch and turmoil in the aftermath of the subprime mortgage crisis and the collapse of Lehman Brothers. Governments and central banks worldwide mobilized massive bailouts in desperate attempts to defend markets, while the true face of reckless financial capitalism and the necessity of regulation emerged as a global focal point.

2. Today's Trajectory: Markets of Infinite Competition, and Proposals Toward Coexistence

The wounds left by past depressions and financial crises prove a painful lesson: market autonomy alone cannot protect human life. While this subsequently became an impetus for appropriate state regulation and social safety nets, today we face new forms of economic crises—global supply chain restructuring, inflation, and widening inequality.

Behind dazzling technological advances and capital flows, social minorities are marginalized and economic inequality deepens—a reality that precisely mirrors the essence of crisis that history has long warned against.

○ Today's Historical Lessons

"When market efficiency and economic achievement overshadow human dignity and the value of coexistence, crisis becomes inevitable. History teaches us that true prosperity lies not in rising economic indicators, but in the safety net of solidarity that protects one another even amid crisis. The institutional resolve to control capitalism blinded by greed and to protect the socially vulnerable is the most solemn warning that past crises have left for us today."

3. Tomorrow's History: What Will We Record Today?

Today, we stand at the crossroads of an unstable global economy and widening inequality.

"Today, what line of history will we leave for the coming future without shame?"

Even amid past economic catastrophes, there were those who sought the path of hope through the New Deal and social compromise. Today, we must move beyond the logic of infinite competition and contemplate economic democracy that ensures sustainable growth and social responsibility. The wisdom to turn crisis into opportunity, and warm companionship—that is the 'Tomorrow's History' we must record today.

Beyond reminiscing about time gone by, a solid stepping stone to designing a better tomorrow. We hope that News S's daily serialization 'Tomorrow's History' opened today becomes a profound resonance and timely insight in the daily lives of our readers.