After struggling through inconclusive technical arguments on subjects such as fiscal multipliers it is a relief to come across a civilised book on political economy by Niall Ferguson. Unlike most historians the author is capable of understanding the technical literature and explaining its conclusions in straightforward terms. Even if you do not believe a word of his thesis in The Great Degeneration, I guarantee an informative and enjoyable read.
Ferguson’s starting point is the temporary nature of the west’s ascendancy. Five hundred years ago living standards in the west were about the same as in the rest of the world. But at the beginning of the 20th century they were about 20 times as high. Now they are only four or five times higher than some of Asia’s leading economies. I am not clear whether the author would like the west to stay ahead or merely stop it from falling behind. But he diagnoses failings in its political, economic, legal and social structures to justify a clarion call.
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