Niall Ferguson : For 500 years , the Europe had enormous economic advantage . He says the work ethic , modern medicine , consumerism helped power the West . Beginning in 1500 , Europeans and European settlers in North America began to get richer than Asians ( and everyone else , too ) . In 500 years , rest of world has caught up and adopted these concepts , he says . Joseph Nye : The fact that West is seeking bailout help from Australasia says it all .
Niall Ferguson : For 500 years , the Europe had enormous economic advantage . He says the work ethic , modern medicine , consumerism helped power the West . In 500 years , rest of world has caught up and adopted these concepts , he says . Joseph Nye : The fact that West is seeking bailout help from Australasia says it all .