Intergenerational inequity in public finance, hypertrophic growth of regulation, deterioration in the rule of law and corrosion of educational institutions – taken together, these lead to a 'great degeneration' of both economic performance and {as we shall see} social cohesion.
The book "The Square and the Tower" by Niall Ferguson discusses the impact of systemic issues in society, including intergenerational inequity in public finance and the excessive expansion of regulations. These factors contribute to a decline in economic performance, undermining not only financial stability but also social cohesion within communities.
Ferguson highlights the deterioration of the rule of law and the weakening of educational institutions as pivotal elements leading to a 'great degeneration.' He argues that these interconnected challenges create a cycle of decline that affects both the economy and the social fabric, ultimately compromising the overall well-being of society.
