  Based on recent experimental evidence for a spin polarized ground state in
the insulating phase of the two-dimensional electron system, we propose that
ferromagnetic spin fluctuations lead to an attractive interaction in the
triplet channel and cause p-wave pairing in the conducting phase. We use the
Landau Fermi liquid phenomenology to explain how the enhanced spin
susceptibility near the critical density yields an attractive potential, in a
similar mechanism to superfluidity in $^3$He. As the density is decreased, the
p-wave order parameter undergoes a transition from a unitary to a nonunitary
state, in which it coexists with ferromagnetism for a range of densities. As
the density is further reduced, the pairing amplitude vanishes and the system
is described by a ferromagnetic insulator. Thus, we find two quantum critical
points as a function of density associated with the polarization of the paired
state and ferromagnetism. We explain the magnetotransport measurements in
parallel and perpendicular magnetic fields and propose a shot noise experiment
to measure the pair charge.
