The Third Pillar : How Markets and the State Leave the Community Behind

By Raghuram G. Rajan

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About the book

| SHORTLISTED FOR THE FINANCIAL TIMES & MCKINSEY BUSINESS BOOK OF THE YEAR AWARD 2019, LONGLISTED FOR THE TATA LITERATURE LIVE NON-FICTION BOOK OF THE YEAR AWARD 2019 |Raghuram G. Rajan has an unparalleled vantage point on the socio-economic consequences of globalization and their ultimate effect on politics. In The Third Pillar, he offers a big-picture framework for understanding how these three forces – the state, markets and communities – interact, why things begin to break down, and how we can find our way back to a more secure and stable plane. The ‘third pillar’ is the community we live in. Economists all too often understand their field as the relationship between markets and the state, and they leave squishy social issues for other people. That’s not just myopic, Rajan argues; it’s dangerous. All economics is actually socioeconomics – all markets are embedded in a web of human relations, values and norms. Rajan presents a way to rethink the relationship between the market and civil society and argues for a return to strengthening and empowering local communities as an antidote to growing despair and unrest. The Third Pillar is a masterpiece of explication, a book that will be a classic for its offering of a wise, authoritative and humane explanation of the forces that have wrought such a sea change in our lives.

Pages: 464

Available in:

Language: English

Raghuram G. Rajan

Raghuram G. Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. He was Governor of the Reserve Bank of India between 2013 and 2016, and is the bestselling author of I Do What I Do and Fault Lines, and the co-author of Saving Capitalism from the Capitalists.

A strikingly insightful analysis of the penalties of neglecting the critically important role of community, by concentrating too much on the perceived efficiency of the markets and the state. Rajan brings out loudly and clearly why this imbalance needs urgent correction. - Amartya Sen, Nobel Prize Winner in Economic Science

My parents lived through the Great Depression, the rise in Fascism and World War II. I thought I was brought up in a world organised 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, co-author of Why Nations Fall

The Third Pillar offers an insightful perspective into our most pressing challenges. This book offers a way forward for all of us. Essential reading for anyone interested in how economies can and should function. - Linda Yueh, author of The Great Economists

Few economists span the world of policy and scholarship with such distinction, and fewer still have been so consistently right about the wrong turns the world economy has taken. Rajan presents a bold, original version that significantly advances our contemporary debate on the ills of democracies and movies it onto new terrain. - Dani Rodrik, Professor, Harvard University and author of The Globalization Paradox

Raghuram Rajan has done it again. Fresh, insightful and engaging, The Third Pillar offers a brilliant reckoning with one of the today's most important and potentially crippling chal- lenges. - Mohamed El-Erian, Author of When Markets Collide and The Only Game in Town

The Third Pillar is a must-read for everyone seeking a way to preserve democracy as we've known it. - Janet Yellen, Chair of the Board of Governors of the Federal Reserve 2014-18