In "The Great Degeneration," Niall Ferguson discusses the characteristics of a stationary state, emphasizing how a corrupt elite can manipulate legal and administrative systems for their benefit. This exploitation leads to a significant imbalance where the wealthy and powerful secure their interests while undermining broader societal progress.

Ferguson highlights that in such nations, the rich often enjoy considerable protection and stability, which further entrenches their advantages. This dynamic creates a cycle of decay as institutions fail to serve the common good, ultimately hindering economic growth and development.