The idea of a mixed regime goes back to ancient times. Philosophers contrasted pure regimes, like democracy or oligarchy, with those that combined different classes, such as the aristocracy and the plebes, in different roles. These latter regimes were generally thought to create a more balanced and stable social order.
While the United States might appear to be a purely democratic or republican regime, the very substantial power wielded by the Supreme Court and the Federal Reserve makes our regime effectively mixed. The Court makes major decisions interpreting the United States Constitution. The Fed sets short term interest rates, regulates credit—the lifeblood of the economy—and acts as lender of last resort in financial crisis. Both institutions are insulated from democratic control and heavily influenced by elites.
Read Full Article »