Independent central banks originated as a way to dodge democratic pressure.

Evidence

The solution was to legitimize central banks as independent bodies—“free from political pressures”—to ensure that they were “managed exclusively according to lines dictated by financial prudence.” The influential British Treasury economist Ralph Hawtrey openly supported the establishment of a central bank with minimal democratic scrutiny, which could follow the precept “Never explain, never regret, never apologize.” The British technocrats exported this model to their colonies and other countries of the Global South, such as Brazil and India. — Clara E. Mattei, Escape from Capitalism, 374

Categorization

• XREF: Hawtrey’s ‘never explain, never regret, never apologize’ echoes the broader secrecy-and-technocracy theme in the library’s governance readings. — connects to: Central-bank independence was designed to insulate price stability from democratic pressure. — Mark Blyth, Austerity: The History of a Dangerous…, 422; Independent conservative central bankers can credibly commit against inflation where politicians cannot — Mark Blyth, Austerity: The History of a Dangerous…, 423; The Bundesbank was deliberately designed to crowd out Keynesian deficit spending. — Mark Blyth, Austerity: The History of a Dangerous…, 372 (+8 more)
• CANDY: A central bank run on the motto ‘Never explain, never regret, never apologize’ is a delightfully shareable fact about the colonial origins of monetary autonomy.

Broader Connections

• Central bank independence was designed to insulate deflationary policy from democratic opposition. #corroborates (0.95) — Clara E. Mattei, Escape from Capitalism, 374
• Central bank independence was formalized to exempt economic policy from democratic control #corroborates (0.95) — Clara E. Mattei, The Capital Order, 71
• Ordoliberalism institutionalized competition policy and an independent central bank against parliamentary control #exemplifies (0.80) — Mark Blyth, Austerity, 364
• Central bank technocracy was framed as superior to democratic control precisely in democratic ages #expands (0.75) — Clara E. Mattei, The Capital Order, 1013
• The Nobel economics prize was created to win public deference for central bank independence #expands (0.70) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 476