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The Third Pillar by Raghuram Rajan

The Third Pillar

The Third Pillar by Raghuram Rajan
Hardcover
Feb 26, 2019 | 464 Pages
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    Feb 26, 2019 | 464 Pages

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    Feb 26, 2019 | 464 Pages

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“Raghuram Rajan has done it again. Fresh, insightful and engaging, The Third Pillar offers a brilliant reckoning with one of today’s most important and potentially crippling challenges. He does more than analyze the unbalance that has developed among the three pillars that support society; he also tells us what’s needed to  shift our prospects in favor of the exciting upside of technological progress that empowers, enables and enriches the many; and away from political anger, alienation and political radicalization. His clear and compelling case goes well beyond protecting the vulnerable. It’s also, critically, about enhancing the whole.” —Mohamed El-Erian, author of When Markets Collide and The Only Game in Town
 
“My parents lived through the Great Depression, the rise of Fascism, and World War II. I thought I was brought up in a world organized in a fundamentally different way. I was wrong. We all need to start thinking about this issue right now and this book is a place to begin.” —James A. Robinson, Professor, University of Chicago, co-author of Why Nations Fail
 
“Few economists span the worlds of policy and scholarship with such distinction as Raghu Rajan, and fewer still have been so consistently right about the wrong turns the world economy has taken. In his latest book, Rajan reminds us of the importance of local communities—the social ties that bind those who live in close geographical proximity. We need to strike a balance not just between state and market, he argues, but also between these two and community. Rajan presents a bold, original vision that significantly advances our contemporary debate on the ills of democracies and moves it onto new terrain.” —Dani Rodrik, Professor, Harvard University, author of The Globalization Paradox
 
“A remarkably original and insightful take on the evolution, foundations and future of capitalism. Sweeping in historical perspective, Rajan argues convincingly that the conventional dichotomy between the state and markets misses the critical role of communities—the third pillar—in economic and social development.  As a result, both progressives who favor a bigger and more centralized state, and conservatives, who prize market freedom, both miss a critical part of the recipe for a more prosperous and balanced society.  A landmark treatise of profound depth.” —Kenneth Rogoff, Professor, Harvard University, former IMF chief economist, author of The Curse of Cash and co-author of This Time It’s Different
 
“A strikingly insightful analysis of the penalties of neglecting the critically important role of community, by concentrating too much on the perceived efficacy of the markets and the state.  Rajan brings out loudly and clearly why this imbalance needs urgent correction.”   —Amartya Sen, Professor, Harvard University, Nobel Prize winner in Economic Sciences
 
“The Third Pillar is a must read for everyone seeking a way to preserve democracy as we’ve known it. In Rajan’s brilliant new perspective, successful democracies require balance between competitive markets, honest governments, and healthy, local communities. But our communities have been ravaged by globalization and ICT. Restoration of that third pillar is therefore the most essential task facing policymakers today.” —Janet Yellen, Distinguished Fellow in Residence, Brookings Institution, and Chair of the Board of Governors of the Federal Reserve 2014-2018

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