Niall Ferguson, in his book "The Great Degeneration," argues that Western institutions are in a state of decline. He intends to explore and unveil the complexities behind critical components of civilization, specifically democracy, capitalism, the rule of law, and civil society. These areas, he suggests, are essential for understanding the deterioration of societal structures and the consequences this has on the economy and governance.

By examining these foundational pillars, Ferguson aims to provide insights into how the decay of these institutions affects overall stability and prosperity in Western societies. He believes that recognizing and addressing the failures within these systems is crucial for reversing the detrimental trends observed today.