Protection Certificate} to open a lemonade stand in New York City?
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In "The Great Degeneration," Niall Ferguson explores how institutions are crucial for economic success and societal stability. He argues that poorly designed regulations often impede progress. One striking example he gives is the protection certificate required to operate a lemonade stand in New York City, illustrating how excessive bureaucracy can stifle entrepreneurship and innovation even at a grassroots level. Ferguson underscores the broader implications of such regulations, suggesting that they reflect...
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