Tecnocracia
Technocracy is supposed to work better because it is insulated from political pressure. But exactly because of that, it is liable to go off the rails when left to its own devices. Expertise is a very good thing – when it is leavened by democratic accountability. When it is not, it is likely to be responsive instead to its own internal discourses and understanding of the world, which can lead it in some very problematic directions. It isn’t just that the eurozone is an experiment in the economic virtues of imposed austerity (as a means of creating confidence and hence a by-its-own-bootstraps cycle of virtuous growth). It’s that the experiment is already visibly failing. And it’s that despite this visible failure, there is little chance of any reversal of direction, because those who have the power to set the course have no obligation to listen to anyone else, and hence aren’t listening.
Henry Farrel, The ECB Method
