The past two generations have witnessed the rise of independent central banks whose monetary policy, largely insulated from partisan politics, aims for the maximum possible employment and purchasing power consistent with price stability. Monetary policy in the industrial core has been far from perfect in this age of independent central banks, but it has been much better than what came before, representing a victory for technocracy.
然而我们还是有一线希望的。过去的两代人见证了独立的中央银行的崛起。它们的货币政策在很大程度上与宗派主义的政治绝缘，而是以就业和与物价稳定一致的购买力的最大化为目标。独立的中央银行发展到现在这个阶段，产业核心的货币政策还远非完美，但却比以前好得多，从而代表了技术统治论的胜利。