Niall Ferguson : For many years , the West had enormous economic power . He says the work ethic , modern medicine , consumerism helped power the West . In recent years , most of world has caught up and adopted these concepts , he says . Ferguson : The fact that Europe is seeking bailout money from China says it all .
Niall Ferguson : For 500 years , the West had enormous economic advantage . He says the work ethic , modern medicine , consumerism helped power the West . In recent decades , rest of world has caught up and adopted these concepts , he says . Ferguson : The fact that Europe is seeking bailout help from China says it all .