Abstract
Decision making is often the responsibility of committees, boards and agencies assuming that many issues are best resolved by smaller, specialised units of decision making. The product of ‘representative democracy’ and a pragmatic response to ‘large numbers’ and ‘complexity’, these bodies are thought to efficaciously combine representation with expertise. Governments use these types of institutions in a variety of ways, and have become a key institution of New Labour's ‘third way’. However, there is a growing tension between representation and expertise. If the former provides legitimacy for the latter, the latter may be compromised by the former in matters of requiring sophisticated judgement relative to market agents. It is argued that the tension between representation and expertise is growing for two reasons: perceived ‘shortfalls’ in democratic practice have prompted governments to broaden the representativeness of many public and private institutions set against an apparent need for greater levels of sophistication in decision making driven by financial markets. These arguments are developed through discussion of that which was inherited from 19th century liberalism, a set of analytical distinctions between deference and delegation, and two examples drawn from the UK and US finance industries. In conclusion, it is noted that apparent solutions, such as relying wholly upon experts, are fraught with danger: there may be such a disconnection between expertise and moral commitment that the former without the latter may give decisions that are hard to justify on any ground.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.