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 welfare—not 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. In Balance of Power, economist and historian Éric Monnet charts the rise of central banks as the nominally independent—but unavoidably political—superpowers 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 that this effort will do more than guard against unjust power; it will put the banks to work for greater, more democratic ends. With existential challenges looming and the work of the Federal Reserve and European Central Bank more important than ever, Balance of Power offers a trenchant case for what this century’s central banks can—and must—become.
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Introduction: Central Banks as Protectors 1. Central Banks, Money, and the Welfare State 2. Money from Nowhere 3. More Problems: Buying Debt, Lending Abroad, and Going Digital 4. Central Banks Everywhere 5. Democratizing the Central Banks Afterword: The Central Bank Belongs to Democracy Notes Index
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“[An] impressive history of how central banks have become political superpowers of modern societies. . . . Monnet argues that central banks’ monetary policies should be subject to democratic control, as the banks’ current powers are too significant to be solely managed by independent authorities operating as inward-facing technocrats.”
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Produktdetaljer

ISBN
9780226834139
Publisert
2024-04-29
Utgiver
Vendor
University of Chicago Press
Vekt
367 gr
Høyde
216 mm
Bredde
140 mm
Dybde
20 mm
Aldersnivå
G, 01
Språk
Product language
Engelsk
Format
Product format
Innbundet
Antall sider
264

Forfatter
Oversetter

Biographical note

Éric Monnet is professor at the Paris School of Economics and director of studies at the School of Advanced Studies in the Social Sciences, Paris. He was named France’s best young economist by Le Monde in 2022. Steven Rendall is professor emeritus of romance languages at the University of Oregon. He has translated more than eighty books into English.