Niall Ferguson, in "The Abyss: World War I and the End of the First Age of Globalization," explores how our understanding of history can be significantly skewed by the advantages that hindsight provides. He argues that this distorted perspective often leads to oversimplifications about the causes and consequences of major events, such as World War I, as people tend to frame historical narratives through the lens of present-day knowledge and beliefs.

This hindsight bias can limit our ability to comprehend the complexities of historical events, as we may impose current values and interpretations onto past decisions and actions. Ferguson highlights the danger of this approach, suggesting that it diminishes the nuanced understanding that is essential for learning from history and can misguide future decisions based on an inaccurate representation of the past.