Everyone knows that after the 2008 financial crisis, the core issues of the global economy have not been resolved: debt continues to grow, population growth slows, wealth becomes more concentrated, productivity gains weaken, and the middle class continues to shrink. Every so often, the market finds a new story: the internet, new energy, the metaverse, AI. Capital keeps searching for new growth narratives, not necessarily to solve problems, but to delay them. Technological breakthroughs are certainly important, but most of what they solve are production issues. Often, the more advanced the technology, the more wealth tends to concentrate in the hands of a few. What truly determines the stability of an era is not how much wealth is created, but how that wealth is distributed. In a sense, the technological revolutions of the past two hundred years have been delaying crises; and perhaps the real test for the world in the future is not how powerful AI is, but whether humanity can find a new distribution mechanism. So, do you know what this distribution mechanism is?

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