Central banks and democracy under long-term changes

Jocelyn Pixley

Chapter 14 in The Future of Central Banking, 2022, pp 316-335 from Edward Elgar Publishing

Abstract: The class forces and state powers of a society direct central banks politically. This sociological chapter shows central bank models vary by capitalist money-class conflicts over bank money and state money, constrained by the two clients of central banks. Always capable of inducing debt deflation, central banks' ambiguous position depends on a country's social structure. The cruellest, the BoE and US Fed, promote their finance sectors and war finance whereas the BoC and RBA aim for national welfare and job creating economic activity. But democratic processes change, like the 1970s campaign against Treasuries. Monetary policy, sainted against fiscal policy, would be technical, money didn't matter only wage inflation. The BoC and RBA resisted the 'prison' of Targets to 'club the economy' with the GFC proving them correct.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
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