Is the Rule of Law Degenerated?

Ferguson: We need simple regulation for our financial institutions, with a strong central bank at the helm. And there should be proper punishments for those who transgress. I hope you now see why these positions are not contradictory, but complimentary. A complex financial world will be made less fragile only by simplicity of regulation and strength of enforcement. In my next wreath lecture, i'll consider at a more general level, the ways in which the rule of law itself, broadly defined, has degenerated in western societies in our time.