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'''“Ferguson’s Law”''' states that any great power that spends more on debt servicing than on defense risks ceasing to be a great power."<ref>[https://www.hoover.org/research/fergusons-law-debt-service-military-spending-and-fiscal-limits-power Ferguson’s Law: Debt Service, Military Spending, and the Fiscal Limits of Power], [[Hoover Institution]]</ref> It based on an essay by the Scottish philosopher and historian Adam Ferguson entitled ''History of Civil Society (1767), Part V, Section V.''<ref>[https://www.hoover.org/research/fergusons-law-debt-service-military-spending-and-fiscal-limits-power Ferguson’s Law: Debt Service, Military Spending, and the Fiscal Limits of Power], [[Hoover Institution]] (Download PDF)</ref>
'''“Ferguson’s Law”''' states that any great power that spends more on debt servicing than on defense risks ceasing to be a great power."<ref>[https://www.hoover.org/research/fergusons-law-debt-service-military-spending-and-fiscal-limits-power Ferguson’s Law: Debt Service, Military Spending, and the Fiscal Limits of Power], [[Hoover Institution]]</ref> It based on an essay by the Scottish philosopher and historian Adam Ferguson entitled ''History of Civil Society (1767), Part V, Section V.''<ref>[https://www.hoover.org/research/fergusons-law-debt-service-military-spending-and-fiscal-limits-power Ferguson’s Law: Debt Service, Military Spending, and the Fiscal Limits of Power], [[Hoover Institution]] (Download PDF)</ref> In 2024, U.S. debt service surpassed defense spending.
== Ferguson’s Law: Debt Service, Military Spending, and the Fiscal Limits of Power by Niall Ferguson ==
== Ferguson’s Law: Debt Service, Military Spending, and the Fiscal Limits of Power by Niall Ferguson ==