Professor Ferguson argues that institutions determine the success or failure of nations.
Why, after around 1500, did Western civilisation – as found in the quarrelsome petty states of Western Eurasia and their colonies of settlement in the New World – fare so much better than other civilisations? From the 1500s until the late 1970s, there was an astonishing divergence in global living standards, as Westerners became far richer than, well, Resterners. Five hundred years ago, the average Chinese was probably a bit better off than the average North American. By 1978, the average American was at least 22 times richer than the average Chinese.
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