A steady flow of new institutions (firms, voluntary associations, universities) is necessary to prevent institutional sclerosis; the United States was historically very good at generating new institutions until recently, when a noticeable decline in new company formation, new bank formation, and zero new universities founded in recent decades indicates the onset of a 'great degeneration.'
causalpending
Speaker
Niall FergusonEvidence Quote
“There needs to be a steady flow of new institutions otherwise sclerosis sets in... The US was very very good at that until recently... no new universities had been founded for decades uh in the United States.”
Created: 8/11/2026, 7:05:55 AM
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