Paul Tucker is a research fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School, and author of Global Discord (Princeton University Press, 2022) and Unelected Power (PUP, 2018). His other activities include being a senior fellow at the Center for European Studies at Harvard University; president of the UK’s National Institute for Economic and Social Research; research fellow at UCL’s political science department; a director at Swiss Re; and a Governor of the Ditchley Foundation. He was a central banker for over thirty years at the Bank of England and Basel, where he was a member of the steering committee of the G20 Financial Stability Board, leading its work on resolving too-big-to-fail firms without taxpayer bailouts, chaired the Committee for Payment and Settlement Systems, and was a member of the board of the Bank for International Settlements. He chaired the Systemic Risk Council from 2016 to mid-2021.
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Episode 297
Paul Tucker
How to Balance Legitimacy & Power in a Fractured World | Sir Paul Tucker
Paul Tucker is a research fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School, and author of Global Discord (Princeton University Press, 2022) and Unelected Power (PUP, 2018). His other activities include being a senior fellow at the Center for European Studies at Harvard University; president of the UK’s National Institute for Economic and Social Research; research fellow at UCL’s political science department; a director at Swiss Re; and a Governor of the Ditchley Foundation. He was a central banker for over thirty years at the Bank of England and Basel, where he was a member of the steering committee of the G20 Financial Stability Board, leading its work on resolving too-big-to-fail firms without taxpayer bailouts, chaired the Committee for Payment and Settlement Systems, and was a member of the board of the Bank for International Settlements. He chaired the Systemic Risk Council from 2016 to mid-2021.
In Episode 297 of Hidden Forces, Demetri Kofinas speaks with the former Deputy Governor of the Bank of England, Sir Paul Tucker. During his time at the BoE, Sir Paul sat on the bank’s monetary policy, financial stability, and prudential policy committees. He was a member of the G20 Financial Stability Board and a director of the Bank for International Settlements, which means he has worked at the highest levels of some of the most important policy-making bodies and research institutions in the world.
What prompted today’s conversation was the recent publication of Paul’s book “Global Discord: Values and Power in a Fractured World.” The book deals with the incredibly important but rarely discussed subject of legitimacy and where it intersects with the world of geopolitics. How to maintain this legitimacy while navigating a change in the balance of power may be the most important question that any policymaker or politician can try and answer. It blurs the boundaries between policy fields that we are used to thinking about in isolated terms—monetary policy, the environment, trade, even war and peace—and forces us to think more concretely about our political values and our common identities.
This is part of a larger story that Demetri has been trying to tell since the earliest days of the podcast. It’s the story of what has been happening to us in Western countries and how we arrived at this state of affairs where our societies have become more politically and culturally divided, where our financial systems have become less responsive to the real needs of our economies, and where the international security environment has become more precarious than it has ever been in the living memories of most people.
Today’s conversation is meant to not only advance this story but to also advance a framework for understanding the changing world that we are living in. It is also meant to provide policymakers, business leaders, investors, and everyday citizens with a framework that they can use to navigate this changing world.
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If you want to join in on the conversation and become a member of the Hidden Forces genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page. If you still have questions, feel free to email info@hiddenforces.io, and Demetri or someone else from our team will get right back to you.
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Paul Tucker is a research fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School, and author of Global Discord (Princeton University Press, 2022) and Unelected Power (PUP, 2018). His other activities include being a senior fellow at the Center for European Studies at Harvard University; president of the UK’s National Institute for Economic and Social Research; research fellow at UCL’s political science department; a director at Swiss Re; and a Governor of the Ditchley Foundation. He was a central banker for over thirty years at the Bank of England and Basel, where he was a member of the steering committee of the G20 Financial Stability Board, leading its work on resolving too-big-to-fail firms without taxpayer bailouts, chaired the Committee for Payment and Settlement Systems, and was a member of the board of the Bank for International Settlements. He chaired the Systemic Risk Council from 2016 to mid-2021.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
