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World-wide credit and banking crisis in Fall, 2008 has led us back to historical review on possible parallel between 1929 & 1930's and 2008 based upon moral theory of law(Dworkin, 2008) and historical school(Berman, 1983). What was wrong now and then? During 1920's, we had found social and cultural anomy together with laissez-faire, libertareanism & anti-regulation. In legal theory, principle of private-autonomy prevailed under the name of "Liberty of Contract". With the Conservative Crisis & the Rule of Law, the Attack on the Old Order began by R. Pound, Richard Ely & Holmes already in early 20th century only to be followed by Triumph of Conservatism(1900-1914). During 1920's~1930's, dissident thinkers in economics, economic institutionalist and legal realists realized their calling to get how the law is operating actually in rapidly changing socio-economic context. This paper deals with the early Depression years economic thought and law, and tries to sketch the characteristics of New Deal Jurisprudence to find parallels between now & then. The author's aim is to find out the possibility of return of New Deal Jurisprudence to response challenge from Fall, 2008.
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