Unelected Power

There is much to admire in the ambition of Tucker (TM)s argument, and in the clarity of his analysis. --Survival A powerful and important book, Unelected Power reshapes the debate about independent regulatory agencies. Kevin M. Stack, Vanderbilt Law School Unelected Power is a well-researched, extremely knowledgeable, and authoritative account by a leading expert. It is destined to be one of the most important books on this increasingly topical and contentious subject. Charles Goodhart, London School of Economics Paul Tucker has written a most timely and thoughtful analysis of the role of independent agencies in democratic societies. He makes clear that in practice these agencies differ widely in their practical and justifiable insulation from political pressures. Not surprisingly, he concludes by defending a high degree of independence for central banks but also emphasizing the need for caution in extending their mandate beyond the bounds of monetary policy. Paul A. Volcker, former chair of the Federal Reserve An important book on a fundamental problem by an author who combines theoretical intelligence and practical experience in a compelling fashion. Bruce Ackerman, Yale University How do we reconcile delegated authority with democratic legitimacy in an era when decisions are made increasingly by experts? In this magisterial and magnificent book, Paul Tucker, drawing on his extensive experience in central banking, provides us with clear principles for determining the trade-off between professional competence and popular support. A must-read for anyone interested in the theory and practice of governance. Mervyn King, former governor of the Bank of England This book is a much-needed study of a much-neglected problem. Combining experience with theoretical expertise, Paul Tucker offers us an insightful and original account of how central banks and other unelected authorities need to be oriented and constrained within a democracy. Unelected Power is a significant contribution to both political theory and social science. Philip Pettit, Princeton University and Australian National University Paul Tucker brings years of experience at the Bank of England and deep political-economic insights to the most contentious problem of governance today: the delegation of power to independent agencies of government. He shows that the Fed and other central banks have become powerful multipurpose institutions, escaping checks and balances, risking all independence. He then unpacks an entirely novel solution his Principles for Delegation which will set off a needed debate over reform for many years ahead. John B. Taylor, Stanford University Tucker (TM)s synthesis of economics, law, political science, and political philosophy is prodigious, and his experience on the front lines of fighting the global financial crisis is imposing. And yet, what is most distinctive about the book is its humility. Tucker (TM)s worry that he and his ilk have become 'overmighty citizens' is palpable, and he takes seriously the idea that bureaucrats must ultimately be servants rather than masters. . . . His attitude comes from a kind of modern sense of noblesse oblige, heavy on the obligation. Let us hope Tucker can inspire others who wield unelected power to feel and act on this sense as much as he does. ---Philip A. Wallach, American Interest Profoundly important. . . . [Tucker (TM)s] practical experience with the tensions he addresses, combined with his distance from conventional academic disciplines, makes his writing both more accessible and more convincing than much of what is produced by administrative-law specialists and political scientists. . . . In the wake of the financial crisis of 2008, policymakers continue to reassess the ways in which government and the financial sector interact. Democratic institutions are facing a reappraisal in light of the widespread populism of the past few years. Tucker (TM)s arguments ought to be carefully considered. Of the many books written by those involved in responding to the financial crisis, his may deserve the longest shelf life. ---Lawrence Summers, Washington Post [Tucker] has produced this long and meaty book, which is all the better for not focusing simply as too many central bankers do on central banks. . . . Unelected Power is likely to be a standard reference work for those thinking about the design of central banks for decades to come. Many legislators could no doubt benefit from it too. ---Michael Reddell, Central Banking Journal Unelected Power brings Tucker (TM)s experience and intellect to bear on a controversial issue that has hitherto been underexplored. ---Martin Vander Weyer, Literary Review Tucker is refreshingly upfront about central bankers (TM) acquisition of power. ---Desmond King, Financial Times A book about central banking that begins with Britain (TM)s vote to leave the European Union, America (TM)s election of Donald Trump as president and Continental Europe (TM)s rising populism is starting in the right place. That alone gives Paul Tucker (TM)s Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State a claim as one of the more perceptive books on his subject in recent years. ---Joseph C. Sternberg, Wall Street Journal One of Marketwatch's Nonfiction Best of 2018 Books One of Foreign Affairs' Picks for Best of Books 2018 Unelected Power is likely to be a standard reference work for those thinking about the design of central banks for decades to come. Many legislators could no doubt benefit from it too. ---Michael Reddell, Central Banking Journal A terrific book. ---Anil Padmanabhan, liveMint Tucker has advanced public understanding by explaining why legitimacy is essential for central banks and elucidating the problems of achieving it. Unelected Power is a serious and important piece of work, which students of central banking cannot ignore. ---William Allen, Financial World In this important books, Paul Tucker, a former deputy governor of the Bank of England, analyses where and how to delegate . . . responsibilities, and where and when such delegation risks undermining democratic legitimacy itself. ---Martin Wolf, Financial Times Paul Tucker . . . [has] published a massive, thoughtful account . . . [which] sets out some bold [principles] for first order agencies, like the Bank of England. ---Anthony Barnett, openDemocracy [As] Paul Tucker . . . discusses in [his] masterful recent book . . . the argument for democratic delegation is a subtle one. ---Dani Rodrik, Project Syndicate [Unelected Power] is of fundamental importance to anyone interested in the future of liberal democracy. ---Felix Martin, New Statesman Candidates to succeed [Governor Carney] . . . should work their way through Unelected Power. They will then have some thinking to do. ---Christopher Fildes, Standpoint A comprehensive and thoughtful guide to the limits of . . . unelected power. ---Peter Thal Larsen, Reuters Breakingviews Tucker is refreshingly honest about the problem: across a range of different countries, central bankers have become 'overmighty citizens'. The contract between them and the people they are supposed to serve needs to be rewritten. ---Ed Conway, The Times