Unelected Power
Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State
In the shadow of the financial crisis, a new titan of influence has emerged, not from the ballot box but from the quiet corridors of central banks and regulatory bodies. "Unelected Power" by Paul Tucker delves into the heart of this modern phenomenon, casting a critical eye on the ascendancy of central bankers and technocrats who wield immense influence over the global economy. With a keen understanding drawn from years of firsthand experience in the arenas of domestic and international policy-making, Tucker presents a compelling examination of how these unelected figures have become the custodians of our economic well-being, standing alongside the judiciary and the military as pillars of influence that operate beyond the reach of direct democratic oversight. Navigating through the complex interplay of economics, political theory, and public law, Tucker sets forth a blueprint for reconciling the necessity of these unelected powers with the foundational principles of constitutional democracy and the rule of law. "Unelected Power" not only scrutinizes the legitimacy of delegated authority in the modern state but also proposes a framework for ensuring that such power serves the common good, rather than evolving into an unchecked force. By drawing on a rich array of examples from the United States, Europe, and beyond, and by advocating for a system where technocrats and their political overseers are incentivized to act in the public interest, Tucker offers a visionary approach to governance. This work challenges us to rethink the balance of power in a democratic society, making it a crucial read for anyone concerned with the future of democracy and the role of unseen forces in shaping our world.
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