Niall Ferguson, a Hoover senior fellow, the Laurence A. Tisch Professor of History at Harvard University, and a noted author, explains why the rule of law keeps the power of both the executive and the public in check, and why it needs to evolve over time and cannot be instituted overnight.

From the archives, we reproduce below two columns by Milton Friedman on the late Margaret Thatcher. Both columns appeared in Newsweek.