Ferguson provides an excellent overview of the degeneration issue for the US economy and society. In this little book, he covers some of the main contributors that have shed light--so it is a good introduction to the topic. Imaginatively, he provides a different slant on the causes of the Great Financial Crisis, counter to the usual big bank, housing crisis, Greenspan Fed failure thesis. Instead, he focuses on complex regulation's unintended consequences and the loss of public associations and smaller independent/diverse actors in the economy. A worthwhile read.
I wonder how much credence to put on reviews with so many spelling errors.
There are some very perceptive points in this book but overall I felt I was being fed something covertly libertarian. He does do some cherry-picking in this book, like rationalizing post-war boom cycles as the result of fiscal relaxation and not as a result of holding impoverished, war-torn countries to impossible reparations or enjoying the boom of war industry.
The author presents this as a reasoned view of history and the growth of the west. I found he did have some interesting ideas, but they were overshadowed by his political and social idead. It is in reality mostly rightwing conservative propaganda. It has an air of elitism to his particular school. He also expects us to miss the fact he ignores key aspects of current events and history that contribute to the raise of the east. If you want to feel good about conservative ideas enjoy this British aurhors book. Otherwise its an ok read but dont put much belief in his points. Although I would say consider the effects of the institutions he meantions as key.
This book is too brief ( based on some lectures ) to really tackle the concepts that he brings up. Their is just not enough research presented to show causation. That being said the points are valid for discussion however there needs to be more evidenced produced for this book to be considered and erudite study of stagnating societies. Worth reading as it is short and gives topics that are worth discussing even if you don't agree with the author.
A great historian examines the problems associated with a generation maintaining its contract for potential growth with succeeding generations. He reviews history and looks at the current economic principles and practices in light of what has history has taught us--I'm not giving anything away in saying that the picture he paints is a worrisome one. For such a quick and easy read, it is amazingly perceptive and detailed.
I have been a Ferguson fan till now.But he pays little attention here to overpopulation, climate change, inequality, democracy ... preferring to focus
on [the myth of] government over-regulation of [big financial] business
I struggled for hours but the system does not let me post my comment even though it is less than 600 words. Then I tried to cut it into 3 pieces: That's impossible too. So I edited it to these few comments.
Niall Ferguson is my favourite contemporary historian, even though – or perhaps because – I often vigorously disagree with him.
I have read almost all of Niall Ferguson's books, some more than twice. He is not only a brilliant historian, but also an amazing story teller. The Great Degeneration is the most disappointing book I have read by Ferguson. 2 out of 5 seems charitable.
byoneoka's comments below are accurate insofar as what Ferguson attemps to relay in his typical Harvard disingenuous manner - - after years of getting rid of ALL oversight and regulation, Ferguson, that Harvard shill (are there any non-shills at Harvard??), claims complex regulations were the problem, like a fantasy author creating idiotic fairy kingdoms to believe in!
From the Clinton Administration:
Private Securities Litigation Reform Act [making securities fraud legal] - - 1995.
REIT Modernization Act [set up for mortgages fraud on a colossal structure]
Gramm-Leach-Bliley Financial Services Modernization Act [removing the vestiges of Glass-Steagall, further allowing for banks to commit fraud]
Commodity Futures Modernization Act [removing all oversight from commodity trading, CDSes, et cetera]
From the Bush Administration:
Shrinking SEC's Risk Management from 100 people down to 1.
Dissolving the IRS's // high roller division \\, which normally went after the rich and the top corporations, yielding the highest revenues.
Adding an amendment to his bankruptcy bill, giving top priority as a creditor to bondholders. [Revealed by the FCIC report on the meltdown]
Nothing unintended about any of this: the same top banks which created most of those CDOs that went south, also bought the majority of the CDSes, although there were also many crony buyers who were not connected to anything - - thus the beauty of the greatest insurance swindle in human history. [They created the trash financial structures called CDOs, synthetic CDOs, synthetic CDOs squared, et cetera, et cetera, then after selling them off, bought the insurance policies [CDSes, unregulated insurance] on them which they knew would pay out! And the CDS sellers, principally AIG and other banks, were bailed out by TARP and the Fed, which paid off the originators of the CDOs and holders of those CDSes!]
Although not a Michael Lewis fan by any stretch, the movie and book, The Big Short, does make the most important point that one had to be a major player to create those CDOs and purchase those CDSes. [Between 1997 to 2007, $23 trillion in securitized debt was sold, between 2007 to 2009, US households lost $23 trillion in assets: $17 trillion outright, $6 trillion in increased underlying costs.]
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