Publisher's Synopsis
In Capital Accumulation and Economic Crisis, Eddie Tan presents the results of his decade-long investigation into one basic question: why has global debt been ballooning over the last 40 plus years? Just as solving the mystery of why apples fall from trees revolutionized physics, unpicking this seemingly simple puzzle led to the discovery of a lifetime in the field of economics.
Specifically speaking, does Capitalism, as an economic system, face a natural limit? To this ultimate question in economics, Karl Marx gave an affirmative answer. However, neither he nor his comrades and students were able to present a convincing explanation on when and why capitalism would reach this limit. This imperfection became the biggest thorn in the Marxian theoretical system.
By establishing a new theory of capital accumulation in simple and straightforward language, Capital Accumulation and Economic Crisis has removed this thorn. Hence, for the first time in the history of economics, the ultimate demise of Capitalism is explicitly and credibly defined. The impact of this discovery on economics, in the author's opinion, will be no smaller than that of the theory of relativity on physics.
This breakthrough will also revolutionize our understanding of the economic crisis and therefore, as the root cause of the crisis is now clear, predicting upcoming crises will no longer be a leap in the dark. The book's author in fact anticipated the ongoing economic crisis in China as early as 2019. The relevant article which contained this prediction can be found within the appendices of this book.
