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date: 21 March 2019

Abstract and Keywords

Governance is a topic whose discussion has been confined to private-sector organizations. To an extent, this is not surprising, for the greater part of the public sector in most countries does not take the form of a corporation. But some parts do. The Bank of England is a prominent, but certainly not the only, example. This chapter maintains that corporate governance is perhaps better not viewed as a separated subject embracing matters not just economic but also ethical, but rather as a subdivision of an analytical framework that certainly dates back to Adam Smith. This chapter shows how that framework can both embrace corporate governance and be extended to public- as well as private-sector organizations. The chapter argues that the study of the governance of central banks is certainly illuminating and may be useful for the conduct of policy.

Keywords: governance, management control, ownership control, policy, outcome

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