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After the Great ComplacenceFinancial Crisis and the Politics of Reform$
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Ewald Engelen, Ismail Ertürk, Julie Froud, Sukhdev Johal, Adam Leaver, Mick Moran, Adriana Nilsson, and Karel Williams

Print publication date: 2011

Print ISBN-13: 9780199589081

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199589081.001.0001

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

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

(p.188) Chapter 7 The Limits of Expertise: The United Kingdom as an Unhappy Family
After the Great Complacence

Ewald Engelen

Ismail Ertürk

Julie Froud

Sukhdev Johal

Adam Leaver

Michael Moran

Adriana Nilsson

Karel Williams

Oxford University Press

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

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