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How Institutions Decay and Economies Die
From renowned historian Niall Ferguson, a searching and provocative examination of the widespread institutional rot that threatens our collective future
What causes rich countries to lose their way? Symptoms of decline are all around us today: slowing growth, crushing debts, increasing inequality, aging populations, antisocial behavior. But what exactly has gone wrong? The answer, Niall Ferguson argues in The Great Degeneration, is that our institutions - the intricate frameworks within which a society can flourish or fail - are degenerating.
Representative government, the free market, the rule of law, and civil society - these are the four pillars of West European and North American societies. It was these institutions, rather than any geographical or climatic advantages, that set the West on the path to global dominance beginning around 1500. In our time, however, these institutions have deteriorated in disturbing ways. Our democracies have broken the contract between the generations by heaping IOUs on our children and grandchildren. Our markets are hindered by over-complex regulations that debilitate the political and economic processes they were created to support; the rule of law has become the rule of lawyers. And civil society has degenerated into uncivil society, where we lazily expect all of our problems to be solved by the state.
It is institutional degeneration, in other words, that lies behind economic stagnation and the geopolitical decline that comes with it. With characteristic verve and historical insight, Ferguson analyzes not only the causes of this stagnation but also its profound consequences.
The Great Degeneration is an incisive indictment of an era of negligence and complacency. While the Arab world struggles to adopt democracy and China struggles to move from economic liberalization to the rule of law, our society is squandering the institutional inheritance of centuries. To arrest the breakdown of our civilization, Ferguson warns, will take heroic leadership and radical reform.
"A major statement from a much-discussed, controversial historian." - Barnes and Noble
"Historians often get it wrong when they turn to the present and the future, but Degeneration, based on the author's Reith Lectures, is a compelling and cogently argued work." - Times Higher Education
This information about The Great Degeneration was first featured
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Any "Author Information" displayed below reflects the author's biography at the time this particular book was published.
Niall Ferguson, MA, D.Phil., is Laurence A. Tisch Professor of History at Harvard University. He is also a Senior Fellow at the Hoover Institution, Stanford University, and a Senior Research Fellow at Jesus College, Oxford.
Born in Glasgow in 1964, he graduated with First Class Honors from Magdalen College, Oxford. His books include Paper and Iron: Hamburg Business and German Politics in the Era of Inflation 1897-1927, The Pity of War: Explaining World War One, The World's Banker: The History of the House of Rothschild, High Financier: The Lives and Time of Siegmund Warburg, The Great Degeneration and Henry Kissinger: A Life.
He won the Wadsworth Prize for Business History and was also short-listed for the Jewish Quarterly/Wingate Literary Award and the American National Jewish Book ...
... Full Biography
Link to Niall Ferguson's Website
Name Pronunciation
Niall Ferguson: Can be pronounced Nigh-al or Neil depending on country of origin. The author pronounces his name Neil
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