Central bank power without central bank autonomy?

Research output: Contribution to journalBook/Film/Article review

Abstract / Description of output

Leon Wansleben’s new book, The Rise of Central Banks, explains how central banks have emerged as powerful monetary governors over the past half century. Yet the book’s recognition that central banks cannot extricate themselves from quantitative easing and market bailouts begs the question: what does it mean for central banks to be dominant but captive? In this commentary piece, I identify the book’s ambiguities with the concept of infrastructural power the book draws from Michael Mann. Unless the dynamics of state-market interdependence are well-specified, giving due attention to the sources of both public and private power, it is unclear what kind of agency central bankers are exercising if they lack sufficient autonomy to act in the public interest.
Original languageEnglish
Pages (from-to)65-68
Number of pages4
JournalFinance and Society
Volume10
Issue number1
Early online date5 Mar 2024
DOIs
Publication statusPublished - Apr 2024

Keywords / Materials (for Non-textual outputs)

  • central banking
  • state power
  • infrastructural power
  • autonomy
  • Michael Mann

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