Human history includes many examples of civilizations with golden ages, or periods with high economic growth, scientific and technological innovation, and improvements in human welfare and freedom. Norberg’s book looks at key factors promoting the rise and eventual fall of seven cases – ancient Athens, Rome, the Abbasid Caliphate, Song China, Renaissance Italy, the Dutch Republic, and the Anglosphere. These empires are unquestionably very different, and novel innovations are associated with each. Athens pioneered devolved power and rights, but restricted to Athenian born citizens, while the Roman republic allowed anyone to become a citizen and integrated in the empire and modest taxes promoting growth. But Norberg identifies many common elements and argues that golden periods tend to emerge when empires are more open to competition, trade, innovation and ideas, and have greater tolerance, freedom, and rule of law. More openness to imitation and innovation in turn leads to unprecedented urbanization and rapid growth. Empires tend to decline when they become restrictive and inward looking, and this is often spurred by decline from within rather than external threats or shocks. The contemporary world has unprecedented human prosperity. Nearly half of all progress in human living standards has occurred since 1990, following more globalization and openness after the end of the Cold War. But the prospect of the new peak period with globalization is now arguably threatened by protectionism, challenges to democracy and freedom, and greater nationalism. Norberg provides a powerful antidote to the promise of greatness from restoring a glorious past and protecting the state or nation from external competition, whether in the form of MAGA or EU industrial strategy and protectionism.