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