The Great Degeneration Summary

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The challenges with economic and political development are no longer issues of the developing nations as wealthy countries are beginning to experience a decline in growth. In The Great Degeneration, Niall Ferguson attempts to address the concern with the economic stagnation in western democracies. He examines the problems within the four fundamental pillars of these societies: democracy, capitalism, the rule of law, and civil society. He proposes that these ongoing crisis is further perpetuated by people’s lack of political participation which allow the state to accumulate public debt, implement complicated regulations and grant power to the elites to exploit the law. The reversal of the “Great Denegation” demands the once vibrant civil society …show more content…

The public play a significant part in exacerbating this problem. Ferguson argues that older population vote for “policies of “inter-generational inequity” (45), while young voters vote similarly as they are unable to understand their long term economic interest. Politicians acting for public support respond by spending more allowing “current generation of voters to live at the expense of those as yet too young to vote or as yet unborn” (41). His solutions include creating an amendment that provide banks with the power to reduce lawmaker’s deficit spending. The idea is rather simplistic and does not take into account potential consequences of a limited budget. It also relies on the power of the elites to guide the public’s opinion on fiscal policy, contradicting his idea that citizens should act more independently from the elites. However, the voters’ irresponsible policies choices suggest that even when the public is an active participant in the political sphere, they can behave in self-interest. It would be difficult for citizens to be driving force for change, unless they have collective altruistic goal to build a better nation for the future

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