Niall Ferguson's book "The Great Degeneration: How Institutions Decay and Economies Die" outlines a historical progression where pivotal events build upon one another to shape economic development. He identifies the Glorious Revolution as the starting point, which established a more stable and accountable government, paving the way for subsequent advancements. This political shift led to agricultural improvements that boosted productivity, setting the stage for further growth.

This chain of developments eventually culminated in imperial expansion and the onset of the industrial revolution. Ferguson emphasizes that each stage is interconnected, illustrating how a strong institutional framework is crucial for economic vitality. The decline of such institutions, in his view, can result in economic stagnation, demonstrating the importance of governance and societal structure in fostering growth and prosperity.