The advent of quantitative easing by the world’s major central banks invites renewed questions about the meaning and role of central bank independence in an age of economic crisis. This article draws together insights from economic sociology, history and democratic theory to engage in further discussion about the proper role of central banks in democratic society. We stress some related themes. Our brief history of central banks aims to show how these banks have always been embedded in economic and political coalitions and conflicts, therefore qualifying the term independence; our study also aims to show that in satisficing between conflicting tasks, central banks need to maintain a balance between cognitive competences and normative expectations. Independence is better understood as a form of dependence on the coalition of interests that supported the financial climate prevailing before the global crisis of 2008, one of low wage-price inflation, high borrowing and debt, and loss of prudential control. We argue that independence amounts to a form of re-privatisation of central banks, and that they are increasingly suborned to the pressures of financial markets. At the same time, asset price inflation has sacrificed growth and employment and therefore prolongs the crisis. The economic measures now demanded by the financial crisis prompt new doubts about the independent central bank experiment, potentially in favour of the ex ante model of governmental oversight of central banks.

Unless the global financial system is radically reformed – and the necessary reforms are looking increasingly unlikely to occur – it will continue to be conducive to financial crises. Government rhetoric and actions can often influence in desirable ways both the speculative actions that now determine the exchange rate and the effect of exchange rate movements on the domestic economy. Managing the exchange rate should start with Australian support for measures such as the Tobin tax that dampen speculation. In 2008 and 2009, exchange rate changes were helpful in reducing the impact of the global financial crisis on Australia, largely because of a very clear commitment by the Australian government to make preservation of jobs its top priority. In 2009, a rapid rise in the exchange rate was unhelpful. In the short run, little can be done about this, but in the longer run, it is possible to offset the adverse effects.

As governments move from being both a funder and provider of human services to a purchaser of services in private sector markets or quasi-markets, ensuring that providers do what they are supposed to do becomes more difficult. Agency theory and stewardship theory have been suggested as ways of overcoming this problem. This article argues that both are inadequate, particularly because they conceptualise the relationship as bilateral (government funding department and service provider), ignoring the role of clients in achieving organisational objectives. Co-production that recognises the role played by clients in the production of employment outcomes can provide a more useful way of thinking about relationships among key actors involved in the provision of employment services.

The decision in the early 1990s to cut back on the building of public housing intensified the already dire shortage of affordable housing and increased the marginalisation of the sector. To be eligible for public housing, new entrants usually have to be in ‘greatest need’. This study argues that the shift in the eligibility criteria for accessing public housing means that public housing estates increasingly reflect what Loïc Wacquant calls ‘advanced urban marginality’. The article assesses whether the features of advanced urban marginality that are identified by Wacquant capture and can be usefully used to analyse the shifts and contemporary characteristics of public housing. The article draws on existing data and in-depth interviews with 33 older (aged more than 65 years) public housing tenants in Sydney, Australia, to analyse the residualisation of public housing using the features of advanced marginality identified by Wacquant – ‘wage labour as a vector of social instability and life insecurity’, ‘functional disconnection from macroeconomic trends’, ‘territorial fixation and stigmatisation’, ‘spatial alienation and the dissolution of place’, ‘loss of hinterland’ and ‘social fragmentation and symbolic splintering’. The study concludes that although Wacquant’s analysis is useful and captures much of what has occurred in public housing estates in Sydney, in many instances, public housing remains a source of pride for its tenants and provides them with the basis for a good life.

The gender pay gap, the difference in earnings of men and women, has remained remarkably resilient over the past two decades in Australia and a number of other countries, despite a range of legislative and policy initiatives aimed at narrowing this difference. Drawing upon industry-wide data and an organisational case, this analysis of professional business services examines the nature of pay equity within and beyond organisational boundaries. We conclude that ‘success’ in gender and pay equity terms has been constrained by minimum government compliance requirements and limited attention to the role labour markets play in contributing to gendered patterns of pay.