The cosmos is conceived as a living unity that is born, develops, and dies on the last day of the year, to be reborn on New Year’s Day. We shall see that this rebirth is a birth, that the cosmos is reborn each year because, at every New Year, time begins ab initio.
Eliade argues that New Year marks the radical recommencement of cosmic time, functioning as an annual cosmogonic rebirth rather than a mere calendrical transition.
, The Sacred and the Profane: The Nature of Religion, 1957thesis