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The independence of the Bank of England : a sociological investigation
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Arthur, Simon James (2022) The independence of the Bank of England : a sociological investigation. PhD thesis, University of Warwick.
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Official URL: http://webcat.warwick.ac.uk/record=b3909658
Abstract
For over 300 years the Bank of England has acted hand in hand with the rulers of Britain, servicing both Monarchs and Prime Ministers in helping run the UK’s economy. Its relationship with government has been varied, but also a permanent one. Despite this long and strong relationship, the Bank of England was relatively under-researched until the financial crisis of 2007, when it took drastic action to prevent the collapse of the financial system in the UK.
In reaction to this, an institution that had previously hidden in plain sight, one that everyone knew of but little about, revealed itself to have powers that few had previously considered. It is in this context that the move to independence in 1997 may be considered, an act which at the time garnered little attention, as it was felt to be a sensible passing of the running of the economy to technocrats.
This thesis asks about the effect of central bank independence in the British polity, and does so in relation to some central sociological questions. It is an examination both of how the Bank of England is structured internally, and where it sits in the wider institutional political landscape. It examines the Monetary Policy Committee, which is at the heart of the Bank post-independence. Questions are asked about the function of this committee and the nature of the people that sit on it. It goes on to consider the wider questions that independence raises about matters of legitimacy and sovereignty. How has independence affected the government’s ability to rule and what have the Bank’s actions shown us about parliament’s legitimacy and sovereignty?
Item Type: | Thesis (PhD) | ||||
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Subjects: | H Social Sciences > HG Finance | ||||
Library of Congress Subject Headings (LCSH): | Bank of England, Banks and banking -- England, Banking law, Banks and banking -- Government ownership | ||||
Official Date: | September 2022 | ||||
Dates: |
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Institution: | University of Warwick | ||||
Theses Department: | Department of Sociology | ||||
Thesis Type: | PhD | ||||
Publication Status: | Unpublished | ||||
Supervisor(s)/Advisor: | Turner, Charles, 1962- ; Gane, Nicholas, 1971- | ||||
Format of File: | |||||
Extent: | ix, 193 pages : charts | ||||
Language: | eng |
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