Reup *** The Great Degeneration: How Institutions Decay and Economics Die - Niall Ferguson

Written by Niall Ferguson
Format: MP3

Written by: Niall Ferguson
Narrated by: Paul Slack
Length: 4 hrs and 18 mins

Format: Unabridged

Release Date:06-13-13
Publisher’s Summary

Best-selling author and world-renowned historian Niall Ferguson has won widespread acclaim for thought-provoking works such as Civilization and High Financier. The Great Degeneration tackles nothing less than the decline of Western civilization. Ferguson posits that slowing growth, outrageous debt, and antisocial behavior are contributing to the erosion of the West’s once rock-solid foundations. Ferguson excavates the causes and shows how heroic leadership and radical reform are needed to right the course.
The main argument: Over the past half-millennium the West has built up a substantial lead over other parts of the world when it comes to both economic power and material standard of living. Now, though, this lead is slipping away. Indeed, developing nations led by such powers as China and India are quickly closing the gap, as they experience impressive economic growth, while the West is stagnating. Many argue that this is the natural result of globalization (and the fact that major corporations are taking advantage of cheaper labor in developing nations). For Harvard historian and writer Niall Ferguson, however, there is something deeper going on here. For Ferguson, the closing of the gap… Read more
This is a review of “The Great Degeneration: How Institutions Decay and Economies Die” which is the kindle title of this work, and is no longer available on kindle.

The author is concerned about the “Degeneration of the West” into a “Stationary State” similar to that of China during the previous centuries. This he believes is due to the weakening of traditional civil institutions, crony capitalism, inefficient bureaucracy, and the decay of our legal system. Needless to say, this has drastic political and economic consequences for our society, with the widening gap of economic inequality being a symptom of the problem. Other symptoms are the rise of a welfare state that exploits those who work for those that have become “entitled”. The abandonment of what Edmund burke called “The partnership between the generations”, is also the abandonment of what is our true social contract. The excessive public and private debt is a symptom of a deeper problem; the breakdown of the… Read more
In this book Professor Ferguson maintains that economic prospect in the western world will continue to be gloomy if politicians fail to take radical reform of the four institutional pillars that have led the western world to maintain its economic hegemony since the sixteenth century. He dispels the widely-held proposition advocated by Max Weber and David Landes (P.27) that culture is a key independent variable to determine economic growth which differentiates economic trajectory of rich countries from the poor ones. Nor does he accept other plausible perspectives and interpretations (natural resources and forces, climate, and technoptimism) to account for the rise and fall of the western economy. To him, a holistic institutional transformation from extractive (limited access) to inclusive (open access) ones (P.30) is a panacea for the current stationary economy in the western world.

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