Thomas Ferguson (born 1949) is an American political scientist and author who writes on politics and economics, often within a historical perspective. He is best known for his Investment Theory of Party Competition, described in detail in his 1995 book Golden Rule: The Investment Theory of Party Competition and the Logic of Money-driven Political Systems.
Alongside his academic work Ferguson has also contributed widely to popular media. He has been a contributing editor at The Nation and a contributing writer to The Huffington Post.[4][5] He is also a contributing editor at AlterNet.[6]
Ferguson is best known for his investment theory of party competition, which was detailed most extensively in his 1995 book Golden Rule: The Investment Theory of Party Competition and the Logic of Money-Driven Political Systems. The theory states that political systems featuring party competition are best understood as competitions for investment from wealthy segments of society. This is because political campaigns are expensive, and so political parties whose policies are most attractive to wealthy 'investors' will tend to be more successful as they are better able to attract the finances required to win election campaigns.[7]
The theory contrasts with the median voter theorem, which states that the outcome of elections will be the preferences of the median voter as political parties converge on the 'center ground' as they compete for votes.
In 2009, the documentary Golden Rule: The Investment Theory of Politics about the theory was released, it featured speakers including Thomas Ferguson, Noam Chomsky and Michael Albert.[8]
MIT controversy
According to Noam Chomsky, Ferguson was warned while at MIT that his research might get him denied tenure in the political science department. In Chomsky's account, Ferguson was told "If you ever want to get tenure in this department, keep away from anything after the New Deal; you can write all of your radical stuff up to the New Deal, but if you try and do it for the post-New Deal period, you're never going to get tenure in this department." Although not explicitly mentioned, the research was ostensibly the investment theory of party competition.[9]
Selected works
Ferguson has written numerous scholarly articles, magazine pieces, and a number of books.
Ferguson, Thomas; Rogers, Joel (1988). Right turn: The Decline of the Democrats and the Future of American Politics (3. print. ed.). New York: Hill and Wang. ISBN0809001705.
Ferguson, Thomas (1973). "The Political Economy of Knowledge and the Changing Politics of the Philosophy of Science". Telos. 15 (Spring).
Ferguson, Thomas (1983). "Party Realignment and American Industrial Structure: The Investment Theory of Political Parties in Historical Perspective". Research in Political Economy. 6.
Epstein, Gerald; Ferguson, Thomas (1984). "Monetary Policy, Loan Liquidation, and Industrial Conflict: The Federal Reserve and the Open Market Operations of 1932". The Journal of Economic History.44 (4): 957-983.
Ferguson, Thomas (1986). "Elites and Elections, or: What Have They Done to You Lately? Toward an Investment Theory of Political Parties and Critical Realignment". In Ginsberg, Benjamin; Stone, Alan (eds.). Do Elections Matter?. M.E. Sharpe. ISBN978-1-56324-446-9.
Ferguson, Thomas (1989). "By Invitation Only: Party Competition and Industrial Structure in the 1988 Election". Socialist Review. 19: 73–103.
Ferguson, Thomas (1991). "Industrial Structure and Party Competition in the New Deal". Sociological Perspectives. 34 (4): 493–526. doi:10.2307/1389404. JSTOR1389404. S2CID147028378.
Ferguson, Thomas; Galbraith, James K. (2001). "The American Wage Structure, 1920-1947". In Galbraith, James K.; Berner, Maureen (eds.). Inequality and Industrial Change: A Global View. Cambridge University Press. pp. 33–78. ISBN9780521662741.
Ferguson, Thomas (2001). "Blowing Smoke: Impeachment, the Clinton Presidency, and the Political Economy". In Crotty, William J. (ed.). The State of Democracy in America. Georgetown University Press. pp. 195–254. ISBN9780878408610.
Ferguson, Thomas (2005), "Holy Owned Subsidiary: Globalization, Religion and Politics in the 2004 Election", in Crotty, William J. (ed.), A Defining Election: The Presidential Race of 2004, Routledge, ISBN1317478185. Longer version available here.
Ferguson, Thomas; Voth, Hans-Joachim (2008). "Betting on Hitler: The Value of Political Connections in Nazi Germany". Quarterly Journal of Economics. 123 (1): 101–137. doi:10.1162/qjec.2008.123.1.101. hdl:10230/6068. S2CID10732055.
Ferguson, Thomas; Johnson, Robert (2009). "Too Big to Bail: The 'Paulson Put,' Presidential Politics, and the Global Financial Meltdown, Part I: From Shadow Banking System to Shadow Bailout". International Journal of Political Economy. 38 (1): 3–34. doi:10.2753/ijp0891-1916380101. S2CID155020004.
Ferguson, Thomas; Johnson, Robert (2009). "Too Big to Bail: The 'Paulson Put,' Presidential Politics, and the Global Financial Meltdown, Part II: Fatal Reversal - Single Payer and Back". International Journal of Political Economy. 38 (2): 5–45. doi:10.2753/ijp0891-1916380201. S2CID153842087.
Ferguson, Thomas; Johnson, Robert (2011). "A World Upside Down? Deficit Fantasies in the Great Recession". International Journal of Political Economy. 40 (1): 3-47. doi:10.2753/IJP0891-1916400101.
Ferguson, Thomas; Jorgensen, Paul; Chen, Jie (2013). "Party Competition and Industrial Structure in the 2012 Elections: Who's Really Driving the Taxi to the Dark Side?". International Journal of Political Economy. 42 (3): 3–41. doi:10.2753/IJP0891-1916420201. S2CID155300121.
