Ferguson term paper - 1168 Words

Term Paper Part A: In the introduction of Ferguson’s book, he talks about these four black boxes. He uses these four sealed black boxes to â€Å"demonstrate that Western institutions have indeed degenerated† (Ferguson page 11). The first of these â€Å"long-sealed† boxes is â€Å" labelled ‘democracy’. The second is labelled ‘capitalism’. The third is ‘the rule of law’. And the fourth box labelled ‘civil society’† (Ferguson). Each one of these boxes are an important part of how our civilization works. The purpose for revealing these black boxes, Ferguson states, is â€Å"that inside these political, economic, legal, and social black boxes are highly complex sets of interlocking institutions. Like the circuit board inside your computer or your†¦show more content†¦Government is based on the consent of the governed. In a democracy, the people are sovereign—they are the highest form of political autho rity.† (What Is Democracy?). In his approach to democracy, Ferguson, relates to the distributional characteristics of this concept with special reference to what whether or not we are witnessing a fundamental breakdown that of which Edmund Burke called â€Å"the partnership between generations.† Ferguson then moves on to his discussion of capitalism by discussing: â€Å"What is the right balance to be struck between economic freedom and government regulation†? Here his discussion focuses on whether â€Å"excessive regulation has become the disease rather than the cure† for the financial crisis that began in 2007 (Ferguson page 3). Adam Smith also wrote a book on capitalism and that is where he coined the term â€Å"stationary state.† The third black box that Ferguson talks about is the rule of law. Here he favors the common law as it was practiced in the United Kingdom. He supports his argument when comparing other systems of law with common law he modifies the concept of the rule of law to compare different codes of law to â€Å"what might be called the ‘law of rules’: the way that law itself is made.† Ferguson believes that American law is becoming noncompetitive with other countries and this is true. Neill Ferguson’s fi nal black box concept describes why we are in a stationary stateShow MoreRelatedFerguson Enterprise: Macroeconomics Term Paper1379 Words   |  5 PagesFerguson Enterprise. Macroeconomics Term Paper. History: Charles Ferguson, Ralph Lenz, and Johnny Smither founded Ferguson Enterprise Inc., in 1953. The company started with $165,000 in capital, with only two locations, Colmar Manor, Md., and Birmingham, Alabama. During the next five decades, Ferguson saw big growth in revenue and continue to grow rapidly, doubling its size every five years. 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