Redefining scientization: Central banks between science and politics

Aurélien Goutsmedt and Francesco Sergi ()
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Francesco Sergi: LIPHA - Laboratoire Interdisciplinaire d'étude du Politique Hannah Arendt Paris-Est - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel

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Abstract: This article introduces a new conceptual framework for examining the transformation of central banks' activities at the intersection of science and politics. It builds on the results of the contributions gathered in this special section on the scientization of central banking, to which this article also provides an introduction. We start with an analysis of Martin Marcussen's concept of ‘scientization', originally formulated to describe the changes within central banks since the 2000s. After highlighting how Marcussen's concept has raised different interpretations, we broaden our scope to examine how ‘scientization' is applied in the wider social sciences, extending beyond the study of central banks. This brings to the fore two ideas: scientization as ‘boundary work' (redrawing the line between ‘science' and ‘non-science') happening both in the public-facing (‘frontstage') and internal (‘backstage') activities of organizations. Finally, we suggest how these two ideas can be used to reinterpret ‘scientization' of central banks as the emergence of central banks as ‘boundary organizations'. This reframing allows us to untangle and clarify the phenomena previously conflated under the original concept of scientization, offering a more coherent framework for ongoing research on central banks.

Keywords: Central bank; Scientization; Expertise; Boundary organization (search for similar items in EconPapers)
Date: 2025-04-22
New Economics Papers: this item is included in nep-mon
Note: View the original document on HAL open archive server: https://hal.science/hal-04518367v2
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Published in Finance and Society, 2025, pp.1-21. ⟨10.1017/fas.2025.7⟩

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Working Paper: Redefining Scientisation: Central Banks between Science and Politics (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04518367

DOI: 10.1017/fas.2025.7

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