Description

Central banks now stand between societies and collapse, but are they still democratic? Two decades of financial crises have dramatically expanded central banks' powers. In 2008, and then again in 2020, unelected banking officials found themselves suddenly responsible for the public welfarenot just because it was necessary but based on an idea that their independence from political systems would insulate them from the whims of populism. Now, as international crises continue and the scope of monetary interventions grows in response, these bankers have become increasingly powerful. InBalance of Power, economist and historian Éric Monnet charts the rise of central banks as the nominally independentbut unavoidably politicalsuperpowers of modern societies. This trajectory, Monnet argues, is neither inevitable nor unstoppable. By embracing the political natures of today's central banks, we can construct systems of accountability for how they interact with states and societies. Monnet shows

Balance of Power

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Hardback by Eric Monnet

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Central banks now stand between societies and collapse, but are they still democratic? Two decades of financial crises have dramatically... Read more

    Publisher: The University of Chicago Press
    Publication Date: 4/29/2024
    ISBN13: 9780226834139, 978-0226834139
    ISBN10: 0226834131

    Non Fiction , Business, Finance & Law

    Description

    Central banks now stand between societies and collapse, but are they still democratic? Two decades of financial crises have dramatically expanded central banks' powers. In 2008, and then again in 2020, unelected banking officials found themselves suddenly responsible for the public welfarenot just because it was necessary but based on an idea that their independence from political systems would insulate them from the whims of populism. Now, as international crises continue and the scope of monetary interventions grows in response, these bankers have become increasingly powerful. InBalance of Power, economist and historian Éric Monnet charts the rise of central banks as the nominally independentbut unavoidably politicalsuperpowers of modern societies. This trajectory, Monnet argues, is neither inevitable nor unstoppable. By embracing the political natures of today's central banks, we can construct systems of accountability for how they interact with states and societies. Monnet shows

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