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 “demonstrate that Western institutions have indeed degenerated” (Ferguson page 11). The first of these “long-sealed” boxes is “ 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 “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…
Part B:
Ferguson seems to believe there are a few ways to sort out this mess that the United States has got themselves into but only a handful are feasible and would work. One of the ways that he talks about is a the vote for a better fiscal policy. In order for this to work parents and their parents must take a better look at what they are doing when it comes to voting for these policies that not only effct them but also their children and their children’s children.
In respect to deregulation as a cause of the 2007 financial crisis Neill Ferguson states, that “Those who believe this crisis was caused by deregulation have misunderstood the problem in more than one way. Not only was misconceived regulation a large part of the cause. There was also the feeling of impunity that came not from deregulation but from non-punishment.” (Ferguson). This is a point that only well-intentioned individuals can intensely dispute here on his approach to the instrumental impact of deregulation.
In another one of Fergusons major area where his passion does not help him too much is in his approach to the importance of the public debt. It is here where Ferguson states, “I have tried to argue that we are living through a profound crisis of the institutions that were the keys to our previous success—not only economic, but also