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[[File:512px-ProfAdamFerguson.jpg|thumbnail|right|250px|The Scottish philospher and historian Adam Ferguson]]
'''“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. federal debt service surpassed its defense spending.
'''“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. federal debt service surpassed its defense spending.