Summary of The Cult of the Expert – and How It Collapsed

Looking for the article?
We have the summary! Get the key insights in just 5 minutes.

The Cult of the Expert – and How It Collapsed  summary
Start getting smarter:
or see our plans

Rating

9 Overall

9 Importance

8 Innovation

10 Style


Recommendation

In September 2008, former US Federal Reserve chairman Ben Bernanke advised then US president George W. Bush that stabilizing the tottering insurance behemoth AIG would cost $85 billion. When a member of Congress asked Bernanke if he had that money, he responded that, as Fed chairman, he could summon almost any amount of money into existence. It would merely require the signatures of several other Fed experts. How do unelected individuals become so powerful? Sebastian Mallaby, British journalist and biographer of former Fed chairman Alan Greenspan, explains the rise – and the fall – of the “cult of the expert” in politics. getAbstract recommends Mallaby’s sophisticated account to anyone curious about the past and the future of the role of experts in government.

In this summary, you will learn

  • How the experts at the Federal Reserve became powerful,
  • Why the good times for technocrats have ended,
  • Why they will come back and
  • What experts must do to wield influence in a democracy.
 

About the Author

Sebastian Mallaby, author of The Man Who Knew, is a senior fellow at the US-based Council on Foreign Relations.

 

Summary

In the year 2009, the year of quantitative easing, a trillion dollars materialized in the US economy, courtesy of the Federal Reserve. Experts at the Fed pushed beyond the bounds of their original role – controlling the interest rate – and stepped into the limelight as media heroes. Long gone were former...

More on this topic

By the same author

The Man Who Knew
The Man Who Knew
9
Globalization Resets
Globalization Resets
8
More Money Than God
More Money Than God
9
The World's Banker
The World's Banker
9

Customers who read this summary also read

The New Case for Gold
The New Case for Gold
7
This Time Is Different
This Time Is Different
8
Grave New World
Grave New World
8
Why Presidents Fail and How They Can Succeed Again
Why Presidents Fail and How They Can Succeed Again
8
The End of Accounting and the Path Forward for Investors and Managers
The End of Accounting and the Path Forward for Investors and Managers
8
How the Euro Could Break Up – or Be Saved
How the Euro Could Break Up – or Be Saved
8

Related Channels

Comment on this summary