Unelected Power [electronic resource] : The Quest for Legitimacy in Central Banking and the Regulatory State / Paul Tucker.

Tucker, Paul, author.
Princeton, NJ : Princeton University Press, [2018]
1 online resource
Banking law.
Banks and banking -- State supervision.
Financial institutions -- Government policy.
Monetary policy.
In English.
System Details:
Mode of access: Internet via World Wide Web.
text file PDF
Guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common goodCentral bankers have emerged from the financial crisis as the third great pillar of unelected power alongside the judiciary and the military. They pull the regulatory and financial levers of our economic well-being, yet unlike democratically elected leaders, their power does not come directly from the people. Unelected Power lays out the principles needed to ensure that central bankers, technocrats, regulators, and other agents of the administrative state remain stewards of the common good and do not become overmighty citizens.Paul Tucker draws on a wealth of personal experience from his many years in domestic and international policymaking to tackle the big issues raised by unelected power, and enriches his discussion with examples from the United States, Britain, France, Germany, and the European Union. Blending economics, political theory, and public law, Tucker explores the necessary conditions for delegated but politically insulated power to be legitimate in the eyes of constitutional democracy and the rule of law. He explains why the solution must fit with how real-world government is structured, and why technocrats and their political overseers need incentives to make the system work as intended. Tucker explains how the regulatory state need not be a fourth branch of government free to steer by its own lights, and how central bankers can emulate the best of judicial self-restraint and become models of dispersed power.Like it or not, unelected power has become a hallmark of modern government. This critically important book shows how to harness it to the people's purposes.
1. Introduction: Power, Welfare, Incentives, Values
PART I. WELFARE: The Problem, and a Possible Solution
2. The Evolution of the Administrative State
3. The Purposes and Functional Modes of the Administrative State: Market Failure and Government Failure
4. The Structure of the Administrative State: A Hierarchy from Simple Agents to Trustees (and Guardians)
5. Principles for Whether to Delegate to Independent Agencies: Credible Commitment to Settled Goals
6. Design Precepts for How to Delegate to Independent Agencies
7. Applying the Principles for Delegation
PART II. VALUES: Democratic Legitimacy for Independent Agencies
8. Independent Agencies and Our Political Values and Beliefs (1): Rule of Law and Constitutionalism
9. Independent Agencies and Our Political Values and Beliefs (2): The Challenges to Delegation-with-Insulation Presented by Democracy
10. Credible Commitment versus Democracy Agencies versus Judges
11. The Political-Values-and-Norms Robustness Test of the Principles for Delegation
12. Insulated Agencies and Constitutionalism: Central Bank Independence Driven by the Separation of Powers but Not a Fourth Branch
PART III. INCENTIVES: The Administrative State in the Real World; Incentives and Values under Different Constitutional Structures
13. States' Capacity for Principled Delegation to Deliver Credible Commitment
14. The Problem of Vague Objectives: A Nondelegation Doctrine for IAs
15. Processes, Transparency, and Accountability: Legal Constraints versus Political Oversight
16. The Limits of Design: Power, Emergencies, and Self- Restraint
PART IV. POWER: Overmighty Citizens? The Political Economy of Central Banking; Power, Legitimacy, and Reconstruction
17. Central Banking and The Politics of Monetary Policy
18. The Shift in Ideas: Credibility as a Surprising Door to Legitimacy
19. Tempting the Gods: Monetary Regime Orthodoxy before the Crisis
20. A Money-Credit Constitution: Central Banks and Banking Stability
21. Central Banking and the Regulatory State: Stability Policy
22. Central Banking and the Fiscal State: Balance-Sheet Policy and the Fiscal Carve-Out
23. Central Banks and the Emergency State: Lessons from Military/Civilian Relations for the Lender of Last Resort
24. Overmighty Citizens After All? Threats and Reconfigurations
Conclusion: Unelected Democrats: Citizens in Service, Not in Charge
Appendix: The Principles for Delegation to Independent Agencies Insulated from Day-to-Day Politics
Description based on online resource; title from PDF title page (publisher's Web site, viewed 21. Aug 2018)
De Gruyter.
Contained In:
De Gruyter University Press Library.
Publisher Number:
10.23943/9781400889518 doi
Access Restriction:
Restricted for use by site license.
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