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Between 2009 and 2026, gold tripled in value, the average American home doubled in price, and cryptocurrencies crashed into existence and soared to a total valuation of $3 trillion. This vast accumulation of wealth is not a sign of economic health. The world is now awash with so much money that investors struggle to find productive outlets for their cash.
In Surplus, Marc Chandler argues that too much of a good thing can bring a society to its knees. After decades of striving for more, humanity is now suffocating under the weight of an unprecedented economic surplus - a global excess of capital and productive capacity that has grown too large to accommodate. Tracing the history of the surplus, from the first agricultural societies to today's age of negative interest rates and asset speculation, Chandler shows how every great surplus in human history has forced societies to remake their institutions and values. The current surplus is already reshaping the West,...