In one of his recent Reith lectures entitled the Darwinian economy , Professor Ferguson argued the financial crisis was not the result of de-regulation but rather a failure to enforce the regulations that existed.

BBC: 'Empower Bank' to discipline City argues Niall Ferguson

It can only operate as it does because contract law and financial regulation provide a way for the community to enforce its decisions against members, and this is true for other online services.

BBC: Staying safe and taking risks

Mr Sarkozy threatened to legislate to enforce these, but he has since accepted a form of self-regulation in the shape of a code of good governance for companies.

ECONOMIST: A question that worries a few and excites others

It is one of the core arguments of my forthcoming book, The Courageous State, ( due out in September if I finish writing it in time) that if markets are to work properly then they must be built on the foundation of strong government that is willing to issue firm regulation that it is willing to enforce.

FORBES: There Are Times When Asking A Favor Is Not Enough