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The Great Degeneration: How Institutions Decay and Economies Die Hardcover – June 13, 2013
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"Enlightenment Now: The Case for Reason, Science, Humanism, and Progress"
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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 between the West and the Rest has less to do with the rise of the Rest, as the decline of the West.
Specifically, Ferguson argues that it is the West's political, economic, legal and social institutions that have allowed it to gain the upper hand over the past 500 years or so, and that now these institutions are beginning to deteriorate (just as other nations increasingly copy what made the West successful in the first place). The result: Western stagnation, and the catching up of everyone else.
Ferguson identifies 4 primary institutions that account for the West's success over the past half-millennium: 1. Democracy; 2. Capitalism; 3. The Rule of Law; and 4. Civil Society. Each of these, the author argues, has eroded in the recent past.
Beginning with democracy, Ferguson argues that the deterioration of democracy in our time has not so much to do with the break-down of the social contract between the individual and the state, as the break-down in the contract between the present generation and future generations. Specifically, by taking on the astronomical amount of public debt that many Western governments have taken on over the past half-century, we have undermined our own growth and unjustly put future generations in hock. We have lived well at the expense of our progeny, and have set them up for failure.
With respect to capitalism, where once Western institutions led the world in making it easy for businesses to start-up and operate efficiently, now heavy and overly-complex laws and regulations stifle new businesses and send domestic corporations overseas. Western banks and financial institutions, the author argues, are not under-regulated, but poorly regulated. And what's more, they are not made to pay for their transgressions when they do breach the law (as witnessed, most recently, in the financial crash of 2008), thus they are invited to behave irresponsibly.
When it comes to the rule of law, where once the West did well to protect contracts and property rights, now tort law has allowed civil suits to run amok and choke the legal system. Meanwhile, copyright law now deeply favors the established over the up-and-coming, which has stifled innovation and progress. The Rule of Law has become the Rule of Lawyers.
When it comes to civil society, where once most Western citizens freely donated their time and money to worthy causes and charities, and flocked to join associations, clubs and organizations that promoted both civic-feeling and the public good, now citizens largely hide behind their televisions and computer screens and wait for the government to take care of the less fortunate and any and all public goods.
For Ferguson, unless we reverse the current deterioration of our institutions, we can expect our stagnation to continue (and we also run the risk of having our societies crash outright).
The book is well-written and, for the most part, well argued. However, at 150 pages (before notes), it is quite lean. Several of the points could have used additional defending, with additional evidence. Also, the author largely eschews any talk of where he believes the reforms in each of the institutions could and should begin. This is a significant oversight, in my mind. All in all, some good ideas, but more fleshing out of the material would have been helpful. A full summary of the book is available here: An Executive Summary of Niall Ferguson's 'The Great Degeneration: How Institutions Decay and Economies Die'
This book, certainly a shorter volume compared to Civilization, for example, is a compelling read to be sure. This books is about then degeneration of Western institutions. By Western, or course, Ferguson would mean those economies that are rooted on Western institutions, including the US, Canada, Europe (at least western and central Europe) Japan, Korea and assorted other pockets. And the thesis here is that these societies are suffering degeneration of the institutions that gave rise to western dominance from roughly 1700.
This is a shorter book that is easily digestible by those interested in this vital topic. To be sure, Ferguson may appear to be a Cassandra warning us that doom is about to befall society, but given the plethora of other authors who express similar viewpoints, perhaps this is not such an extreme view if one reads the evidence. And this book certainly provides food for thought in terms of evidence of how western societies have leveraged the future on present consumption.
Though some may disagree with the thesis, this book really deserves a wide audience because degeneration is a true and scary issue. In the US, the debt - on a federal, state and local level - is real, present, and is causing problems even now for those willing to recognize the evidence all around us. The changes described here are palpable and concrete. Whether Ferguson makes all the correct assumptions is irrelevant to the dissection of western societies (rule of law, property rights, etc) it is important to read through the long historical view of what these changes portend. I like most of all that Ferguson usually makes his points with historical panache as here. It is a fun read if one ignores the sobering and depressing conclusions.
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By adding scarce insights -and of relative significance- to the general discussion started by many other authors...Read more