Niall Ferguson : For 500 years , the West had enormous economic advantage . TED.com : But then came industrialization and mass production of goods that were cheaper than those produced in Europe or Asia. 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 .
Niall Ferguson : For 500 years , the West had enormous economic advantage . But then came industrialization and mass production of goods that were cheaper than those produced in Europe or Asia. 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 .