Significant parts of the modern public sector are not under the direct control of the elected representatives of the people. Instead, judges and independent regulators exercise immense delegated, unelected power over a range of areas and activities. The response to the global financial crisis and the deep recession that followed has brought central bankers, in particular, to the forefront of public attention. In his new book “Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State” (Princeton University Press, 2018), Sir Paul Tucker presents lessons for agents of the administrative state in their quest to maintain democratic legitimacy while insulating their decision-making from the frenzy of the political class.
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