Disproportionate distribution is packaged as an economic crisis, wealth concentration upward is glossed as market rules, and the struggles of ordinary people are beautified as the cost of development, even portraying billions of ordinary people fighting desperately for survival as an inevitable pain during the development process.

Opening this heavy manual of history, you will find that the economic narratives after being packaged show similar structures across different cycles:
When productivity increases but income distribution does not improve in tandem, wealth tends to concentrate more on capital, marginal consumption capacity of workers is compressed, causing total demand growth to lag behind supply expansion;
When consumption is insufficient to absorb production, economic growth relies more on credit expansion and leverage-driven growth, maintaining short-term demand through time borrowing, but also accumulating debt risks in households and the financial system;
When capital returns flow more into finance and assets rather than real investment, asset prices gradually decouple from the real economy, forming a price rise structure supported by expectations and liquidity;
When debt levels and consumption capacity approach their limits, and asset prices heavily depend on credit expansion, sensitivity to changes in confidence increases significantly. Once expectations reverse, it may trigger a chain reaction through asset price corrections, credit tightening, and debt liquidation, impacting banking systems, corporate investment, and employment markets;
In this process, the structure of asset holdings determines the distribution of risks and losses, often causing shocks to be borne more by groups lacking buffers, while the asset side re-accumulates advantages through low-price restructuring and cycle repair; at the same time, the price mechanism may amplify the contradiction of “supply but no purchasing power” under supply-demand mismatch, leading to an overabundance of resources on paper but ineffective real-world allocation;
Therefore, when the economy relies long-term on imbalanced distribution, debt expansion, and asset-driven growth, so-called cyclical crises are often not external shocks but the concentrated release of the structural contradictions described above at critical points.