Samuel Gregg, Director of Research at Acton, recently reviewed Niall Ferguson’s latest, The Great Degeneration: How Institutions Decay and Economies Die. In the book, Ferguson discusses the symptoms of a decaying society and explains what causes rich economies to decline.
Though the book is a short one and written for a nonspecialist audience, Ferguson develops a very strong case to illustrate how the hollowing out of the rule of law, the deterioration of representative government into soft despotism, the increasingly crony-capitalist features of today’s market economies, and the ongoing implosion of civil society are now costing us dearly. Part of the problem, Ferguson makes clear, is that there is no easy fix to these particular problems. One cannot vote something like rule of law back into existence. A flourishing civil society does not simply spring forth ex nihilio. Unfettering the market from literally tens of thousands of regulations is no easy exercise and cannot be accomplished by the stroke of a pen.