Niall Ferguson

In his books Colossus and Empire, Ferguson presents a reinterpretation of the history of the British Empire and in conclusion proposes that the modern policies of the United Kingdom and the United States, in taking a more active role in resolving conflict arising from the failure of states, are analogous to the "Anglicization" policies adopted by the British Empire throughout the 19th century. In Colossus, Ferguson explores the United States' hegemony in foreign affairs and its future role in the world. The American writer Michael Lind, responding to Ferguson's advocation of an enlarged American military through conscription, accused Ferguson of engaging in apocalyptic alarmism about the possibility of a world without the United States as the dominant power and of a casual disregard for the value of human life.

In 2018, Ferguson apologized after fellow historians criticized him for only inviting white men as speakers to a Stanford conference on applied history.

Also in 2018, emails documenting Ferguson's attempts to discredit a progressive activist student at Stanford University who had been critical of Ferguson's choices of speakers invited to the Cardinal Conversations free speech initiative were released to the public and University administrators. He teamed with a Republican student group to find information that might discredit the student. Ferguson resigned from leadership of the program once university administrators became aware of his actions. Ferguson responded in his column saying, "Re-reading my emails now, I am struck by their juvenile, jocular tone. “A famous victory,” I wrote the morning after the Murray event. “Now we turn to the more subtle game of grinding them down on the committee. The price of liberty is eternal vigilance.” Then I added: “Some opposition research on Mr O might also be worthwhile” — a reference to the leader of the protests. None of this happened. The meetings of the student committee were repeatedly postponed. No one ever did any digging on “Mr O”. The spring vacation arrived. The only thing that came of the emails was that their circulation led to my stepping down."

In Spring of 2018, Professor Ferguson was involved with College Republican leaders at Stanford to oppose a Left-leaning student take over of the Cardinal Conversations initiative. In leaked emails, he was quoted as asking for opposition research on the student involved. He later apologized and resigned from the said initiative when emails were leaked revealing his involvement in the events. "I very much regret the publication of these emails. I also regret having written them," Ferguson wrote in a statement to The Daily.

In 2018 Ferguson naturalised as a United States citizen.

On the rise of Republican Party presidential candidate Donald Trump, Ferguson was quoted in early 2016: "If you bother to read some of the serious analysis of Trump's support, you realize that it's a very fragile thing and highly unlikely to deliver what he needs in the crucial first phase of the primaries ... By the time we get to March–April, it's all over. I think there's going to be a wonderful catharsis, I'm really looking forward to it: Trump's humiliation. Bring it on." Trump eventually won the nomination.

Three weeks before the 2016 United States presidential election, after the Access Hollywood tape scandal, Ferguson stated in an interview that it "was over for Donald Trump"; that "Trump had flamed out in all three Presidential debates"; that, "I don't think there can be any last minute surprise to rescue him [Trump]"; that there was no hope of Donald Trump winning Independent voters and that Trump was "gone as a candidate", adding that "it seems to me clear that she [Hillary Clinton] is going to be the first female President of the United States. The only question is how bad does his [Trump's] flaming out affect candidates for the Senate, candidates for the House, further down on the ballot." However after Brexit, Ferguson stated that Trump could win via the Electoral College if certain demographics turned out to vote in key swing states. Trump was elected president and the Republican Party retained control of both the Senate and House of Representatives.

In an article from November 2016 in The Boston Globe, Ferguson advised that Trump should support the efforts of Prime Minister Theresa May to have Britain leave the European Union as the best way of breaking up the EU, and sign a free trade agreement with the United Kingdom once Brexit is complete. Ferguson advised that Trump should give recognition to Russia as a Great Power, and work with President Vladimir Putin by giving Russia a sphere of influence in Eurasia. In the same column, Ferguson advised Trump not to engage in a trade war with China, and work with President Xi Jinping to create a US-Chinese partnership. Ferguson argued that Trump and Putin should work for the victory of Marine Le Pen (who wants France to leave the EU) and the Front national in the 2017 French elections, arguing that Le Pen was the French politician most congenial to the Trump administration. Ferguson argued that a quintumvirate of Trump, Putin, Xi, May and Le Pen was the world's best hope for peace and prosperity.

Kissinger The Idealist, Volume I, published in September 2015, is the first part of a planned two-part biography of Henry Kissinger based on his private papers. The book starts with a quote from a letter which Kissinger wrote in 1972. The book examines Kissinger's life from being a refugee and fleeing Germany in 1938, to serving in the US army as a "free man" in World War II, to studying at Harvard. The book also explores the history of Kissinger joining the Kennedy administration and later becoming critical of its foreign policy, to supporting Nelson Rockefeller on three failed presidential bids, to finally joining the Nixon administration. The book also includes Kissinger's early evaluation of the Vietnam war and his efforts to negotiate with the North Vietnamese in Paris. The Economist wrote in a review about The Idealist: "Mr Ferguson, a British historian also at Harvard, has in the past sometimes produced work that is rushed and uneven. Not here. Like Mr Kissinger or loathe him, this is a work of engrossing scholarship." In a negative review of The Idealist, the American journalist Michael O'Donnell questioned Ferguson's interpretation of Kissinger's actions leading up to Nixon's election as President. Andrew Roberts praised the book in The New York Times, concluding: "Niall Ferguson already has many important, scholarly and controversial books to his credit. But if the second volume of 'Kissinger' is anywhere near as comprehensive, well written and riveting as the first, this will be his masterpiece."

In 2015, Ferguson deplored the Paris attacks committed by Islamic State terrorists, but stated he was not going to "stand" with the French as he argued that France was a lost cause, a declining state faced with an unstoppable Islamic wave that would sweep away everything that tried to oppose it. Ferguson compared the modern European Union to the Western Roman Empire, describing modern Europe as not that different from the world depicted by Edward Gibbon in his book The Decline and Fall of the Roman Empire. Ferguson wrote that:

Ferguson proposed a modified version of group selection that history can be explained by the evolution of human networks. He wrote, "Man, with his unrivaled neural network, was born to network." The title refers to a transition from hierarchical, "tower" networks to flatter, "square" network connections between individuals. John Gray in a review of the book was not convinced. He wrote, "He offers a mix of metaphor and what purports to be a new science." "Niall Ferguson has again written a brilliant book," wrote Deirdre McCloskey in The Wall Street Journal, "this time in defence of traditional top-down principles of governing the wild market and the wilder international order. The Square and the Tower raises the question of just how much the unruly world should be governed—and by whom. Not everyone will agree, but everyone will be charmed and educated. … 'The Square and the Tower' is always readable, intelligent, original. You can swallow a chapter a night before sleep and your dreams will overflow with scenes of Stendhal's 'The Red and the Black,' Napoleon, Kissinger. In 400 pages you will have restocked your mind. Do it."

Ferguson was an early skeptic of cryptocurrencies, famously dismissing his teenage son's recommendation to buy Bitcoin in 2014. By 2017, he had changed his mind on Bitcoin's utility, saying it had established itself as a form of "digital gold: a store of value for wealthy investors, especially those located in countries with weak rule of law and high political risk." In February 2019, Ferguson became an advisor for digital asset protocol firm Ampleforth Protocol, saying he was attracted by the firm's plan to "reinvent money in a way that protects individual freedom and to create a payments system that treats everyone equally." In March 2019, Ferguson spoke at an Australian Financial Review Business Summit, where he admitted to being "wrong to think there was no … use for a form of currency based on blockchain technology… I don't think this will turn out to be a complete delusion."

Ferguson attributes this divergence to the West's development of six "killer apps", which he claims are largely missing elsewhere in the world – "competition, science, the rule of law, medicine, consumerism and the work ethic". Ferguson compared and contrasted how the West's "killer apps" allowed the West to triumph over "the Rest". Thus, Ferguson argued the rowdy and savage competition between European merchants created far more wealth than did the static and ordered society of Qing China; that the tolerance extended to thinkers like Sir Isaac Newton in Stuart England had no counterpart in the Ottoman Empire where Takiyuddin's "blasphemous" observatory was demolished for contradicting the teachings of Islam which ensured that Western civilization was capable of making scientific advances that Islamic civilization never could; and because respect for private property was far stronger in British America than it ever was in Spanish America, which led to the United States and Canada becoming prosperous societies while Latin America was and remains mired in poverty. However, Ferguson also argued that the modern West had lost its edge and the future belongs to the nations of Asia, especially China, which has adopted the West's "killer apps". Ferguson argues that in the coming years will see a steady decline of the West and China and the rest of the Asian nations will be the rising powers. A related documentary Civilization: Is the West History? was broadcast as a six-part series on Channel 4 in March and April 2011.

The books were widely acclaimed by some historians, although they did receive some criticism. John Lewis Gaddis, a Cold War–era historian, praised Ferguson's "unrivaled range, productivity and visibility", while criticising the book as unpersuasive and containing contradictory claims. Marxist historian Eric Hobsbawm had praised Ferguson as an excellent historian, but criticised him as a "nostalgist for empire". In a mixed review of a later book by Ferguson, The War of the World: History's Age of Hatred, a reviewer for The Economist described how many regard Ferguson's two books on the Rothschilds "as one of the finest studies of its kind."

The 19th-century empire undeniably pioneered free trade, free capital movements and, with the abolition of slavery, free labour. It invested immense sums in developing a global network of modern communications. It spread and enforced the rule of law over vast areas. Though it fought many small wars, the empire maintained a global peace unmatched before or since. In the 20th century too the empire more than justified its own existence. For the alternatives to British rule represented by the German and Japanese empires were clearly – and they admitted it themselves – far worse. And without its empire, it is inconceivable that Britain could have withstood them.

Ferguson struck a similarly Spenglerian note, conjuring the term 'impire' to depict a process in which a 'political entity, instead of expanding outwards towards its periphery, exporting power, implodes – when the energies come from outside into that entity'. In Ferguson's opinion, this process was already under way in a decadent 'post-Christian' Europe that was drifting inexorably towards the dark denouement of a vanquished civilisation and the fatal embrace of Islam.

In 2013, Ferguson, naming Dean Baker, Josh Barro, Brad DeLong, Matthew O'Brien, Noah Smith, Matthew Yglesias and Justin Wolfers, attacked "Krugman and his acolytes," in his three-part essay on why he dislikes Paul Krugman. The essay title ('Krugtron the Invincible') originally comes from a post by Noah Smith.

At a May 2013 investment conference in Carlsbad, California, Ferguson was asked about his views on economist John Maynard Keynes' quotation that "in the long run we are all dead." Ferguson stated that Keynes was indifferent to the future because he was gay and did not have children. The remarks were widely criticised for being offensive, factually inaccurate, and a distortion of Keynes' ideas.

Ferguson dedicated his book Civilization to "Ayaan". In an interview with The Guardian, Ferguson spoke about his love for Ali, who, he writes in the preface, "understands better than anyone I know what Western civilisation really means – and what it still has to offer the world".

In May 2012, the BBC announced Niall Ferguson was to present its annual Reith Lectures – a prestigious series of radio lectures which were first broadcast in 1948. These four lectures, titled The Rule of Law and its Enemies, examine the role man-made institutions have played in the economic and political spheres.

The first lecture was broadcast on BBC Radio 4 and the BBC World Service on Tuesday, 19 June 2012. The series is available as a BBC podcast.

In November 2012, Ferguson stated in a video with CNN that the U.S. has enough energy resources to move towards energy independence and could possibly enter a new economic golden age due to the related socio-economic growth—coming out of the post-world economic recession doldrums.

Ferguson was an attendee of the 2012 Bilderberg Group meeting, where he was a speaker on economic policy.

In 2012, Jonathan Portes, the director of the National Institute of Economic and Social Research, said that subsequent events had shown Ferguson to be wrong: "As we all know, since then both the US and UK have had deficits running at historically extremely high levels, and long-term interest rates at historic lows: as Krugman has repeatedly pointed out, the (IS-LM) textbook has been spot on."

Later in 2012, after Ferguson wrote a cover story for Newsweek arguing that Mitt Romney should be elected in the upcoming US presidential election, Krugman wrote that there were multiple errors and misrepresentations in the story, concluding "We're not talking about ideology or even economic analysis here – just a plain misrepresentation of the facts, with an august publication letting itself be used to misinform readers. The Times would require an abject correction if something like that slipped through. Will Newsweek?" Ferguson denied that he had misrepresented the facts in an online rebuttal. Matthew O'Brien countered that Ferguson was still distorting the meaning of the Congressional Budget Office report being discussed, and that the entire piece could be read as an effort to deceive.

In 2011, he set up Greenmantle LLC, an advisory business specializing in macroeconomics and geopolitics.

Published in 2011, Civilization: The West and the Rest examines what Ferguson calls the most "interesting question" of our day: "Why, beginning around 1500, did a few small polities on the western end of the Eurasian landmass come to dominate the rest of the world?" The Economist in a review wrote:

In November 2011 Pankaj Mishra reviewed Civilisation: The West and the Rest unfavourably in the London Review of Books. Ferguson demanded an apology and threatened to sue Mishra on charges of libel due to allegations of racism.

In February 2010, news media reported that Ferguson had separated from Douglas and started dating former Dutch MP Ayaan Hirsi Ali. Ferguson and Douglas divorced in 2011. Ferguson married Hirsi Ali on 10 September 2011 and Hirsi Ali gave birth to their son Thomas in December 2011. In an interview in April 2011, Ferguson complained about the media coverage of his relationship with Ali, stating: "No, I never read their shitty coverage of people's private lives. I don't care about the sex lives of celebrities, so I was a little unprepared for having my private life all over the country. So yeah, I was naive, yeah. Because you have to stoop to conquer," – but will never write for The Daily Mail again. "That's because I'm a vendetta person. Yes, absolutely. Implacable."

Ferguson has received honorary degrees from the University of Buckingham, Macquarie University (Australia) and Universidad Adolfo Ibáñez (Chile). In May 2010, Michael Gove, education secretary, asked Ferguson to advise on the development of a new history syllabus, to be entitled "history as a connected narrative", for schools in England and Wales. In June 2011, he joined other academics to set up the New College of the Humanities, a private college in London.

Ferguson has written and presented numerous television documentary series, including The Ascent of Money, which won an International Emmy award for Best Documentary in 2009. In 2004, he was named as one of TIME magazine's 100 most influential people in the world.

Ferguson's television series The Ascent of Money won the 2009 International Emmy award for Best Documentary. In 2011 his film company Chimerica Media released its first feature-length documentary, Kissinger, which won the New York Film Festival's prize for Best Documentary.

In May 2009, Ferguson became involved in a high-profile exchange of views with economist Paul Krugman arising out of a panel discussion hosted by PEN/New York Review on 30 April 2009, regarding the U.S. economy. Ferguson contended that the Obama administration's policies are simultaneously Keynesian and monetarist, in an "incoherent" mix, and specifically claimed that the government's issuance of a multitude of new bonds would cause an increase in interest rates.

Ferguson was an advisor to John McCain's US presidential campaign in 2008, supported Mitt Romney in 2012 and was a vocal critic of Barack Obama.

Published in 2008, The Ascent of Money examines the history of money, credit, and banking. In it Ferguson predicts a financial crisis as a result of the world economy and in particular the United States using too much credit. He cites the China–United States dynamic which he refers to as Chimerica where an Asian "savings glut" helped create the subprime mortgage crisis with an influx of easy money. While researching this book, in early 2007, Ferguson attended a session at a conference in Las Vegas at which a hedge fund manager stated there would never be another recession. Ferguson challenged this, and later the two agreed on a $14,000, 7 to 1 bet, that there would be a recession within five years. Ferguson collected $98,000.

In 2007, Ferguson was appointed as an investment management consultant by GLG Partners, to advise on geopolitical risk as well as current structural issues in economic behaviour relating to investment decisions. GLG is a UK-based hedge fund management firm headed by Noam Gottesman. Ferguson was also an adviser to Morgan Stanley, the investment bank.

In 2006, he set up Chimerica Media Ltd., a London based television production company.

In War of the World, published in 2006, Ferguson argued that a combination of economic volatility, decaying empires, psychopathic dictators, racially/ethnically motivated and institutionalised violence resulted in the wars and genocides of what he calls "History's Age of Hatred". The New York Times Book Review named War of the World one of the 100 Notable Books of the Year in 2006, while the International Herald Tribune called it "one of the most intriguing attempts by an historian to explain man's inhumanity to man". Ferguson addresses the paradox that, though the 20th century was "so bloody", it was also "a time of unparalleled [economic] progress". As with his earlier work Empire, War of the World was accompanied by a Channel 4 television series presented by Ferguson.

In its edition of 15 August 2005, The New Republic published "The New New Deal", an essay by Ferguson and Laurence J. Kotlikoff, a professor of economics at Boston University. The two scholars called for the following changes to the American government's fiscal and income security policies:

Matthew Carr wrote in Race & Class that "Niall Ferguson, the conservative English [sic] historian and enthusiastic advocate of a new American empire, has also embraced the Eurabian idea in a widely reproduced article entitled 'Eurabia?', in which he laments the 'de-Christianization of Europe' and the secularism of the continent that leaves it 'weak in the face of fanaticism'." Carr adds that "Ferguson sees the recent establishment of a department of Islamic studies in his (Oxford college) as another symptom of 'the creeping Islamicization of a decadent Christendom'," and in a 2004 lecture at the American Enterprise Institute entitled 'The End of Europe?',

Ferguson was the inspiration for Alan Bennett's play The History Boys (2004), particularly the character of Irwin, a history teacher who urges his pupils to find a counterintuitive angle, and goes on to become a television historian. Bennett's character "Irwin", writes David Smith of The Observer, gives the impression that "an entire career can be built on the trick of contrariness."

Ferguson writes and lectures on international history, economic and financial history and British and American imperialism. He is known for his contrarian views and his defence of the British empire. He once ironically called himself "a fully paid-up member of the neo-imperialist gang" following the 2003 invasion of Iraq.

In 2003, former U.S. Secretary of State Henry Kissinger provided Ferguson with access to his White House diaries, letters, and archives for what Ferguson calls a "warts-and-all biography" of Kissinger. In 2015, he published the first volume in a two-part biography titled Kissinger: 1923–1968: The Idealist from Penguin Press.

In the related TV documentary of 2003, Empire, which professor Dr Jon Wilson of the Department of History at KCL described as "false and dangerous" apologia, Ferguson argued that the mantle of the British Empire as the world's foremost power was passed on to the United States during the Second World War, which led to Ferguson favorably reciting Rudyard Kipling's poem "The White Man's Burden"—written in 1898 to praise the United States for becoming an imperial power by conquering the Philippines from Spain—as just as relevant today as it was in 1898. Ferguson argues that the United States should celebrate being an imperial power comparable to Britain, conquering other people's countries for what Ferguson insists is their own good, and complains that far too often Americans refuse to accept that nation has an imperialist role to play in the modern world.

Ferguson supported the 2003 Iraq War, and he is on record as being not necessarily opposed to future western incursions around the world.

...from 2002, the combination of making TV programmes and teaching at Harvard took me away from my children too much. You don't get those years back. You have to ask yourself: "Was it a smart decision to do those things?" I think the success I have enjoyed since then has been bought at a significant price. In hindsight, there would have been a bunch of things that I would have said no to.

In his 2001 book, The Cash Nexus, which he wrote following a year as Houblon-Norman Fellow at the Bank of England, Ferguson argues that the popular saying, "money makes the world go 'round", is wrong; instead he presented a case for human actions in history motivated by far more than just economic concerns.

In 2000, Ferguson was a founding director of Boxmind, an Oxford-based educational technology company.

In the early 2000s he wrote a weekly column for The Sunday Telegraph and Los Angeles Times, leaving in 2007 to become a contributing editor to the Financial Times. Between 2008 and 2012 he wrote regularly for Newsweek. Since 2015 he has written a weekly column for The Sunday Times and The Boston Globe, which also appears in numerous papers around the world.

In 1998, Ferguson published The Pity of War: Explaining World War One, which with the help of research assistants he was able to write in just five months. This is an analytic account of what Ferguson considered to be the ten great myths of the Great War. The book generated much controversy, particularly Ferguson's suggestion that it might have proved more beneficial for Europe if Britain had stayed out of the First World War in 1914, thereby allowing Germany to win. Ferguson has argued that the British decision to intervene was what stopped a German victory in 1914–15. Furthermore, Ferguson expressed disagreement with the Sonderweg interpretation of German history championed by some German historians such as Fritz Fischer, Hans-Ulrich Wehler, Hans Mommsen and Wolfgang Mommsen, who argued that the German Empire deliberately started an aggressive war in 1914. Likewise, Ferguson has often attacked the work of the German historian Michael Stürmer, who argued that it was Germany's geographical situation in Central Europe that determined the course of German history.

Ferguson sometimes champions counterfactual history, also known as "speculative" or "hypothetical" history, and edited a collection of essays, titled Virtual History: Alternatives and Counterfactuals (1997), exploring the subject. Ferguson likes to imagine alternative outcomes as a way of stressing the contingent aspects of history. For Ferguson, great forces don't make history; individuals do, and nothing is predetermined. Thus, for Ferguson, there are no paths in history that will determine how things will work out. The world is neither progressing nor regressing; only the actions of individuals determine whether we will live in a better or worse world. His championing of the method has been controversial within the field. In a 2011 review of Ferguson's book Civilization: The West and the Rest, Noel Malcolm (Senior Research Fellow in History at All Souls College at Oxford University) stated that: "Students may find this an intriguing introduction to a wide range of human history; but they will get an odd idea of how historical argument is to be conducted, if they learn it from this book."

In 1989, Ferguson worked as a research fellow at Christ's College, Cambridge. From 1990 to 1992 he was an official fellow and lecturer at Peterhouse, Cambridge. He then became a fellow and tutor in modern history at Jesus College, Oxford, where in 2000 he was named a professor of political and financial history. In 2002 Ferguson became the John Herzog Professor in Financial History at New York University Stern School of Business, and in 2004 he became the Laurence A. Tisch Professor of History at Harvard University and William Ziegler Professor of Business Administration at Harvard Business School. From 2010 to 2011, Ferguson held the Philippe Roman Chair in history and international affairs at the London School of Economics. In 2016 Ferguson left Harvard to become a senior fellow at the Hoover Institution, where he had been an adjunct fellow since 2005.

In the summer on 1989, while travelling in Berlin, he wrote an article for a British newspaper with the provisional headline “The Berlin Wall is Crumbling,” but it was not published.

Ferguson studied as a Hanseatic Scholar in Hamburg and Berlin in 1987 and 1988. He received his Doctor of Philosophy degree from the University of Oxford in 1989: his dissertation was titled "Business and Politics in the German Inflation: Hamburg 1914–1924".

Ferguson married journalist Susan Douglas, whom he met in 1987 when she was his editor at The Sunday Times. They have three children: Felix, Freya, and Lachlan.

Ferguson received a demyship (highest scholarship) from Magdalen College, Oxford. Whilst a student there, he wrote a 90-minute student film The Labours of Hercules Sprote, played double bass in a jazz band "Night in Tunisia", edited the student magazine Tributary, and befriended Andrew Sullivan, who shared his interest in right-wing politics and punk music. He had become a Thatcherite by 1982. He graduated with a first-class honours degree in history in 1985.

Ferguson has written regularly for British newspapers and magazines since the mid 1980s. At that time, he was lead writer for The Daily Telegraph, and a regular book reviewer for The Daily Mail.

In an interview, Ferguson described his relationship with the left: "No, they love being provoked by me! Honestly, it makes them feel so much better about their lives to think that I'm a reactionary; it's a substitute for thought. 'Imperialist scumbag' and all that. Oh dear, we're back in a 1980s student union debate."

Niall Campbell Ferguson (/ˈ n iː l / ; born 18 April 1964) is a Scottish-born historian. He is a senior fellow at the Hoover Institution. Previously, he was a professor at Harvard University and New York University, visiting professor at New College of the Humanities and senior research fellow at Jesus College, Oxford.

Ferguson was born in Glasgow, Scotland, on 18 April 1964 to James Campbell Ferguson, a doctor, and Molly Archibald Hamilton, a physics teacher. He attended The Glasgow Academy. He was brought up as, and remains, an atheist, though he has encouraged his children to study religion and attends church occasionally.

On the contrary, Ferguson maintained that Germany waged a preventive war in 1914, a war largely forced on the Germans by reckless and irresponsible British diplomacy. In particular, Ferguson accused the British Foreign Secretary Sir Edward Grey of maintaining an ambiguous attitude to the question of whether Britain would enter the war or not, and thus confusing Berlin over just what was the British attitude towards the question of intervention in the war. Ferguson accused London of unnecessarily allowing a regional war in Europe to escalate into a world war. Moreover, Ferguson denied that the origins of National Socialism could be traced back to Imperial Germany; instead Ferguson asserted the origins of Nazism could only be traced back to the First World War and its aftermath.

Another controversial aspect of The Pity of War is Ferguson's use of counterfactual history also known as "speculative" or "hypothetical" history. In the book, Ferguson presents a hypothetical version of Europe being, under Imperial German domination, a peaceful, prosperous, democratic continent, without ideologies like communism or fascism. In Ferguson's view, had Germany won World War I, then the lives of millions would have been saved, something like the European Union would have been founded in 1914, and Britain would have remained an empire as well as the world's dominant financial power.

The American historian Gerhard Weinberg in a review of The Pity of War strongly criticized Ferguson for advancing the thesis that it was idiotic for Britain to have fought a Germany that posed no danger. Weinberg accused Ferguson of completely ignoring the chief foreign policy aim of Wilhelm II from 1897 onwards, namely Weltpolitik ("World Politics") and argued it was absurd for Ferguson to claim that allowing Germany to defeat France and Russia would have posed no danger to Britain. Weinberg wrote that Ferguson was wrong to claim that Germany's interests were limited only to Europe, and maintained that if the Reich did defeat France in 1914, then Germany would have taken over the French colonies in Asia and Africa which would have definitely affected the balance of power all over the world, not just in Europe. Finally, Weinberg attacked Ferguson for claiming that the Tirpitz Plan was not a danger to Britain and that Britain had no reason to fear Germany's naval ambitions, sarcastically asking if that was really the case, then why did the British redeploy so much of their fleet from around the world to the North Sea and spend so much money building warships in the Anglo-German naval arms race? Weinberg accused Ferguson of distorting both German and British history and ignoring any evidence that did not fit with his thesis that Britain should never have fought Germany, stating that The Pity of War was interesting as a historical provocation, but was not persuasive as history.

Ferguson wrote two volumes about the prominent Rothschild family: The House of Rothschild: Volume 1: Money's Prophets: 1798–1848 and The House of Rothschild: Volume 2: The World's Banker: 1849–1999. These books were the result of original archival research. The books won the Wadsworth Prize for Business History and were also short-listed for the Jewish Quarterly-Wingate Literary Award and the American National Jewish Book Award.