Irenaeus, Siteadmin, Check users, oversight, Administrators
351,811
edits
Changes
Jump to navigation
Jump to search
Line 1:
Line 1: − +
no edit summary
[[File:512px-ProfAdamFerguson.jpg|thumbnail|right|200px|The Scottish philosopher and historian Adam Ferguson]]
[[File:512px-ProfAdamFerguson.jpg|thumbnail|right|200px|The Scottish philosopher 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><ref>[https://www.hoover.org/sites/default/files/research/docs/HAHWGWorkingPaper-202502-Ferguson%27s%20Law-Final.pdf Debt Service, Military Spending, and the Fiscal Limits of Power by Niall Ferguson (British historian and Chairman, Hoover Applied History Working Group). Hoover Institution, Stanford University. History Working Paper 202502, Hoover Institution, February 21, 2025]</ref> In 2024, U.S. federal debt service surpassed its 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 ==