Niall Ferguson on Importance of Civil Institutions

Degeneration and Regeneration after the Cold War

Niall FergusonIs the West in terminal decline? In a speech given at the Nobel Price committee in Oslo, Norway on June 25, Professor of History at Harvard University Niall Ferguson argues that, less than 25 years after the end of the Cold War and the apparent triumph of liberal democracy and the free market, the economic and political supremacy of Western Europe and North America is fading rapidly.

According to the International Monetary Fund, advanced economies continue to pose a serious risk to global recovery. In the euro area, prolonged stagnation looms large, whilst in the United States excessive fiscal consolidation could derail the recent upturn. As developing economies continue to grow, many advanced economies are battling high unemployment, debt, and income inequality. Niall Ferguson argues that these challenges indicate the deterioration of economic and political institutions. What are the causes of this degeneration and what comes next?

Niall Ferguson on the impotance of institutions

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