The Great Degeneration QUOTES

1 " simple point is that institutions are to humans what hives are to bees. They are the structures within which we organize ourselves as groups. You know when you are inside one, just as a bee knows when it is in the hive. Institutions have boundaries, often walls. And, crucially, they have rules. "

― Niall Ferguson , The Great Degeneration

2 " Americans could once boast proudly that their system set the benchmark for the world; the United States was the rule of law. But now what we see is the rule of lawyers, which is something different. "

― Niall Ferguson , The Great Degeneration

3 " We must pose the familiar question about how far our civil liberties have been eroded by the national security state… Somehow it is always a choice between habeas corpus and hundreds of corpses. "

― Niall Ferguson , The Great Degeneration

4 " Since de Soto published The Mystery of Capital, revolutions in countries like Tunisia and Egypt have provided compelling evidence in support of his approach. He sees the ‘Arab Spring’ primarily as a revolt by frustrated would-be entrepreneurs against corrupt, rent-seeking regimes that preyed on their efforts to accumulate capital. The prime example is the story of the twenty-six-year-old "

― Niall Ferguson , The Great Degeneration

5 " Consider this: the US economy created 2.4 million jobs in the three years beginning in June 2009. In the same period, 3.3 million Americans were awarded disabled worker benefits. The percentage of working-age Americans collecting disability insurance has risen from below three percent in 1990 to six percent. Unemployment is being concealed – and rendered permanent – in ways all too familiar to Europeans. Able bodied people are classified as disabled and never work again. "

― Niall Ferguson , The Great Degeneration

6 " The rationale for the FDA’s rigid standards is to avoid the sale of a drug like thalidomide. But the unintended consequence is almost certainly to allow many more people to die prematurely than would have died from side-effects under a less restrictive regime. We count and recount the costs of such side-effects. We do not count the costs of not allowing new drugs to be made available. "

― Niall Ferguson , The Great Degeneration

7 " Why exactly has social mobility declined in the United States in the past thirty years, so that the probability has more than halved that a man born into the bottom 25 per cent of the income distribution will end his life in the top quartile?13 Once the United States was famed as a land of opportunity, where a family could leap from ‘rags to riches’ in a generation. But today, if you are born to parents in the bottom income quintile, you have just a 5 per cent chance of getting into the top quintile without a college degree. "

― Niall Ferguson , The Great Degeneration

8 " 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

9 " To demonstrate that Western institutions have indeed degenerated, I am going to have to open up some long-sealed black boxes. The first is the one labelled ‘democracy’. The second is labelled ‘capitalism’. The third is ‘the rule of law’. And the fourth is ‘civil society’. Together, they are the key components of our civilization. "

― Niall Ferguson , The Great Degeneration

10 " If there is one educational policy I would like to see adopted throughout the United Kingdom, it would be a policy that aimed to increase significantly the number of private educational institutions – and, at the same time, to establish programmes of vouchers, bursaries and scholarships to allow a substantial number of children from lower-income families to attend them. "

― Niall Ferguson , The Great Degeneration

11 " The sequence is clear: first the Glorious Revolution, then agricultural improvement, then imperial expansion, then industrial revolution. "

― Niall Ferguson , The Great Degeneration

12 " Why, to give another suggestive example, did it take an American journalist sixty-five days to get official permission (including, after a wait of up to five weeks, a Food "

― Niall Ferguson , The Great Degeneration

13 " Protection Certificate) to open a lemonade stand in New York City? "

― Niall Ferguson , The Great Degeneration

14 " Protection Certificate) to open a lemonade stand in New York City?12 This is the kind of debilitating red tape that development economists often blame for poverty in Africa or Latin America. The rationale for the FDA’s rigid standards is to avoid the sale of a drug like thalidomide. But the unintended consequence is almost certainly to allow many more people to die prematurely than would have died from side-effects under a less restrictive regime. We count and recount the costs of such side-effects. We do not count the costs of not allowing new drugs to be made available. "

― Niall Ferguson , The Great Degeneration

15 " Only by historical methods can we explain why, over the past thirty years, so many countries created forms of debt that, by design, cannot be inflated away; and why, as a result, the next generation will be saddled for life with liabilities incurred by their parents and grandparents. "

― Niall Ferguson , The Great Degeneration

16 " well as illiterate, unhealthy and bloody. I admire contemporary social scientific work that distinguishes between ‘open’ and ‘closed’ sets of institutions,18 but as an historian I find that distinction too simplistic. For one of the puzzles of modern history is that successful societies – like eighteenth-century England – often had institutions that today most people would be inclined to condemn. Already by the time of the Victorians, Hanoverian England looked shockingly corrupt in retrospect. And even in the 1850s, to Dickens, England’s rule of law was still an object of derision, not admiration. Moreover, the historical "

― Niall Ferguson , The Great Degeneration

17 " Significantly, Smith singled out its socially regressive character. First, wages for the majority of people were miserably low: Though the wealth of a country should be very great, yet if it has been long stationary, we must not expect to find the wages of labour very high in it . . . It is in the progressive state, while the society is advancing to the further acquisition, rather than when it has acquired its full complement of riches, that the condition of the labouring poor, of the great body of the people, seems to be the "

― Niall Ferguson , The Great Degeneration

18 " approach reveals a point that is often overlooked. It is certainly desirable that societies with bad institutions should get better ones. We see that process going on today all over the world, in much of Asia, in parts of South America and even in Africa. But there is a more insidious process that is going on at the same time, whereby societies with good institutions gradually get worse ones. Why is this? Who exactly are the enemies of the rule of law, the people responsible for the marked deterioration that I detect in our institutions on both sides of the Atlantic? My answers to these questions owe a considerable debt to a now large body of "

― Niall Ferguson , The Great Degeneration

19 " happiest and the most comfortable. It is hard in the stationary, and miserable in the declining state. The progressive state is in reality the cheerful and the hearty state to all the different orders of the society. The stationary is dull; the declining melancholy. "

― Niall Ferguson , The Great Degeneration

20 " academic literature. Major influences on my thinking include Douglass North, who won the Nobel Prize for Economics for his work on institutions; the pre-eminent economist of modern Africa, Paul Collier, author of The Bottom Billion and Plundered Planet; Hernando de Soto, the Peruvian economist and author of The Mystery of Capital; Andrei Shleifer and his numerous co-authors, who have pioneered an economic approach to the comparative study of legal systems; and Jim Robinson and Daron Acemoglu, whose book Why Nations Fail asks similar questions to the ones that interest me. "

― Niall Ferguson , The Great Degeneration