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Is Central Banking Really Above Politics?

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Dear Keith,

The latest issue of The Independent Review is here—and it’s asking some uncomfortable questions about the expanding power of central banks.

Can a central bank really claim to be “above politics” when it takes on climate change, inequality, ESG, and other social priorities?
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In the issue’s title article, “The Dangerous Allure of Activist Central Banking,” Radu Șimandan and Valeriu Păun challenge the long-standing idea that central banks operate in a purely technical, apolitical sphere. Even supposedly “purely monetary” policies, they argue, have distributive consequences and require choices among competing risks and priorities. But today, those choices are becoming increasingly difficult to disguise as mere technical adjustments.

Which raises the question: What changed?

And what happens when central banks move beyond their traditional bounds? Contributors to this issue examine these questions from all angles, from an analysis to the promises and failures of “climate supervision” to the disastrous consequences of misallocating precious resources. Readers will be invited to take a closer look at the boundaries of institutional power—and to ask how far mandates can stretch before claims of independence and neutrality begin to break down.

PLUS: Check out the new columns section, offering shorter, sharper pieces from five leading voices tackling today’s most pressing debates.

Subscribe to The Independent Review today to start your subscription with this issue, or buy this or other back issues in print or ebook format.
As a special bonus, subscribers to the Winter issue will also receive the second installment of the Liberty at 250 special supplements—The Future of America. Make sure your subscription remains active so you don’t miss this limited edition.
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FEATURED IN THIS ISSUE

ARTICLES

The Dangerous Allure of Activist Central Banking

By Radu Simandan, Cristian Valeriu Păun

How to Think About Five Major Political Economy Issues

By Vernon L. Smith

COLUMNS

Political Values and Migrant Self-Selection

By Benjamin Powell

ICE: Another Example of Tyranny Come Home

By Abigail R. Hall

A Swiss-Style Canton System

By David T. Beito

Adam Smith and the “Double Thank- You” Versus the “Balance of Trade”

By Michael C. Munger

Joel Mokyr: How the Creative Powers of a Free Civilization Were Unleashed in Historical Time

By Peter J. Boettke

BOOK REVIEWS

Tyrants and Rogues

By Robert G. Parkinson

Reviewed by Timothy M. Sandefur

The American Revolution in American History

By Yuval Levin, Adam J. White, and John Yoo

Reviewed by Robert M. Whaples
As always, The Independent Review offers rigorous, unflinching scholarship that questions the assumptions others leave unexamined: about markets and government, liberty and authority, institutions and incentives, and ultimately, who gets to decide.
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