The symptoms of decline are all around us today: slowing growth, massive debt, rising inequality, aging populations, antisocial behavior.
But what has gone wrong? The answer, Niall Ferguson argues in this book, is that our institutions - the complex framework within which a society can flourish or fail - have degenerated. It is institutional degeneration that lies behind the economic stagnation and the geopolitical decline that follows.
With characteristic vividness and historical insight, Ferguson analyzes not only the causes of this stagnation but also its profound consequences. "The Great Degeneration" is a sharp indictment of an era of neglect and indifference. While the Arab world struggles to adopt democracy and China transitions from economic liberalization to the rule of law, our Western societies are squandering the institutional heritage of five centuries.
To stop the collapse of our civilization, Ferguson warns, will require heroic leadership and radical reform.