The Federal Reserve and Authoritarian Statism
Abstract
This paper examines the evolution of the Federal Reserve during the neoliberal period, noting both its institutional capacity and organizational flexibility. It argues that the Federal Reserve is open to institutional change itself and plays a key role managing and organizing financial power. From this, the paper uses Poulantzas’ theory of ‘authoritarian statism’ to chart the trajectory of the Fed’s institutional change, showing that it has developed ever-more powerful capacities insulated from democratic checks.
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