Chapter

The Limits of Expertise: The United Kingdom as an Unhappy Family

Ewald Engelen, Ismail Ertürk, Julie Froud, Sukhdev Johal, Adam Leaver, Michael Moran, Adriana Nilsson and Karel Williams

in After the Great Complacence

Published in print September 2011 | ISBN: 9780199589081
Published online January 2012 | e-ISBN: 9780191731150 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199589081.003.0008
The Limits of Expertise: The United Kingdom as an Unhappy Family

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Democratic politicians were central to crisis management in 2008, but they were marginalized once again after the crisis by various kinds of technocrats. This chapter argues that the failure to sustain financial reform in the succeeding couple of years is about the limits of expertise and technocracy, focusing on the UK case. The chapter begins by analysing how, following bank nationalization, the UK Treasury kept management of these organizations at arm’s length by relying on a network of trusted City figures. While technocratic elites have been vocal in their critiques of the finance sector and its regulation, they have operated in an expert, not a political sphere. The second half of the chapter argues first that finance created asset price inflation not productive transformation in the United Kingdom; before exploring the significance of public sector job creation as part of the unsustainable national business model.

Keywords: expertise; technocrats; econocrats; UKFI; bank nationalization; national business model

Chapter.  13513 words.  Illustrated.

Subjects: Financial Institutions and Services

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