Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State

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Paul Tucker

Unelected Power

The Quest for Legitimacy in Central Banking and the Regulatory State

Paul Tucker

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English

Princeton University Press
18 November 2019

Political structures: democracy; Central government policies; Political economy; Banking; Constitutional & administrative law

How central banks and independent regulators can support rather than challenge constitutional democracy

Unelected Power lays out the principles needed to ensure that central bankers and other independent regulators act as stewards of the common good. Blending economics, political theory, and public law, this critically important book explores the necessary conditions for delegated but politically insulated power to be legitimate in the eyes of constitutional democracy and the rule of law. It 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. Now with a new preface by Paul Tucker, Unelected Power 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.

By: Paul Tucker
Imprint: Princeton University Press
Country of Publication: United States
Edition: 2nd edition
Dimensions: Height: 235mm, Width: 156mm,
ISBN: 9780691196305
ISBN 10: 0691196303
Pages: 664
Publication Date: 18 November 2019
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Paperback
Publisher's Status: Active

Paul Tucker is a fellow at the Harvard Kennedy School and chair of the Systemic Risk Council.