This book is about the causes of our stationary state. It is inspired by Smith's insight that both stagnation and growth are in large measure the results of 'laws and institutions'. Its central thesis is that what was true of China in Smith's day is true of large parts of the Western world in our time. It is our laws and institutions that are the problem. The Great Recession is merely a symptom of a more profound Great Degeneration.
( Niall Ferguson )
[ The Great Degeneration: How ]
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