The Great Degeneration: How Institutions Decay And Economies Die (2012) - Plot & Excerpts
In his latest book Niall Ferguson argues that the four key institutions (Democracy, Capitalism, Rule of Law, and Civil Society) that allowed the West to dominate the last half millennium are now all in decay. The erosion of these institutions’ previous 'cumulative added value' has led to a stagnation of progress, a debt burden that puts future generations at risk, and has created the conditions for the “Resterners” to catch up (and likely surpass) with the West. The arguments are sound and well documented. A quick and easy read, the book’s key shortfall is the lack of proposals to arrest the erosion that it highlights. I suppose I should have assumed from the title that the author would not provide solutions to the current state of western economies. As the title indeed suggests, the author only talks about how institutions decay and economies die with out suggesting much at all about how to restore them.This was a quick and easy read and I found it informative. Mr. Ferguson comes from the right to root out the causes of institutional failure. He makes a compelling case that regulation, bad law and lawyers and the reduction of volunteer associations as the causes of failure. I however, was disappointed that he didn't more deeply explore his theories in relation to the financial meltdown of 2008/2009. What would have been the right amount of common law and regulation that would have avoided that situation?His discussion of "the 1%", environmental impact, and the falling standing of the United States in many major lists is frank and somewhat depressing for our future.All in all a well written book that makes one think - even when you don't always agree with the author.
What do You think about The Great Degeneration: How Institutions Decay And Economies Die (2012)?
Again, suggestions that might actually be put into practice????
—stephB
More of an eassy than a book but worth a quick read.
—StephSkate855
Great book that certainly will make you think a lot!
—CatFish
