George Monbiot writes about the UK:
Our entire political system is premised on the idea of accountability. Brilliant theory: just a shame it bears no relation to reality. Nothing sums up the death of accountability like the prospect of Nigel Farage in No10, 'the Guardian', 20 May 2026
Under the current system, people rarely monitor the distance between what politicians say and what they do. Even less frequently do we identify links between what they say and what actually happens. This is not just because of short attentions spans; it's also because society is far too complex for such relationships to be obvious. Things might have been different in the past, when there were fewer variables, fewer people, and time lags between a politician's statement and its consequences were shorter. Then, choosing between electoral candidates would have felt more meaningful, and politicians could be held more accountable. We became used to the idea of framing policy goals in terms of the ideas and personalities of the people who enunciated them. But those days are over, and people are now far more cynical not only about politicians, but about elections and democracy itself.
To change this, I suggest that we frame policy in terms of broad outcomes that are meaningful to ordinary people, rather than, as now, funding arrangements, institutional structures and legalisms. So, instead of politicians focusing on where society's scarce resources should go, they would instead concentrate on things that, in democratic countries, they are actually good at: articulating society's wishes and raising the revenue for their achievement. Under a Social Policy Bond regime, investors in the bonds who would decide how our goals would be best achieved. They would be constantly motivated to find the most efficient ways of doing so. The bonds, being tradable, could target long-term goals, so that holders need not hold them to redemption to benefit from any increase in value that would arise from their working to make the goals' being achieved more quickly. The bonds would channel the market's incentives and efficiencies into solving our social and environmental problems. By focusing on broad, meaningful outcomes, our policymaking would be more transparent and bring about more public engagement in the process. There'd be more buy-in, less blaming and less cynicism. The role of politicians would change; they'd be more concerned with society's wishes, and less with power: they'd have effectively contracted out the achievement of social goals to bodies beyond their control. As well as the greater efficiency with which our goals would be achieved, the people attracted to politics would be less driven by the possibility of exercising power while overseeing process, and more by representing the informed views of their constituents as to the social and environmental outcomes they wish to see.
