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== External links ==
== External links ==
*[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]
*[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]: “Ferguson’s Law,” which states that any great power that spends more on debt servicing than on defense risks ceasing to be a great power." - Hoover Institution
*[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]: “Ferguson’s Law,” which states that any great power that spends more on debt servicing than on defense risks ceasing to be a great power." - Hoover Institution
*[https://niallferguson.substack.com/p/debt-has-always-been-the-ruin-of Debt Has Always Been the Ruin of Great Powers. Is the U.S. Next?], Niall Ferguson Substack
*[https://niallferguson.substack.com/p/debt-has-always-been-the-ruin-of Debt Has Always Been the Ruin of Great Powers. Is the U.S. Next?], Niall Ferguson Substack