note on the BofE and democracy
The arguments in the air at the time of '97, were pressing on an agenda for the independence of the Bank of England.
But why should the BofE be independent from government? Why should the peoples of a country, through the mechanism of democracy, not hold the reins to monetary policy? It is simply too important a function to be left solely in the hands of academics and financial industry spivvs.
Democratising the BofE would engage the public more thoroughly in economic arguments, and in time, would lead to a monetary policy which is more in line with the demands of the economy. For people forget, 'the economy' is an aggregation of the activities of however many millions of people living within a given nation-state.
And who else knows better how to run the lives of these people, than the people themselves?
But why should the BofE be independent from government? Why should the peoples of a country, through the mechanism of democracy, not hold the reins to monetary policy? It is simply too important a function to be left solely in the hands of academics and financial industry spivvs.
Democratising the BofE would engage the public more thoroughly in economic arguments, and in time, would lead to a monetary policy which is more in line with the demands of the economy. For people forget, 'the economy' is an aggregation of the activities of however many millions of people living within a given nation-state.
And who else knows better how to run the lives of these people, than the people themselves?
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