Not a Steamroller, a 3D Process: Scientization and the Bank of England

This article investigates the scientization process in central banks, using the Bank of England (BoE) as a case study. Building on the distinction between three dimensions of scientization, it proposes an ideal type for one of them—i.e., contributory scientization whereby policymaking institutions become active contributors to science. The article derives empirically observable characteristics for this ideal type, regarding leadership and staff profiles, use of internal resources, composition of external networks, and publication and discursive outputs. The BoE is then contrasted to this ideal type of a central bank thoroughly involved in contributory scientization. The empirical material includes archives and interviews as well as three databases providing quantitative information from the 1970s to 2019. We find that the degree of concordance with contributory scientization is strategically motivated, revealing tensions over time with factors such as balancing the imperatives of organizational credibility and informed policymaking, which are related to the other two dimensions of scientization. We thus conclude that scientization in central banks is a three-dimensional, non-linear process, rather than a steamroller.