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

 
Raghuram G. Rajan (Author)
Synopsis

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.

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About the author

Raghuram G. Rajan

Raghuram G. Rajan is a professor of finance at the University of Chicago. He was the Governor of the Reserve Bank of India between 2013 and 2016 and also served as Vice-Chairman of the Board of the Bank for International Settlements. Dr Rajan was the Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006. Dr Rajan co-authored Saving Capitalism from the Capitalists with Luigi Zingales and wrote Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book. In 2003, Dr Rajan received the inaugural Fischer Black Prize for the best finance researcher under the age of forty. Other awards he has received include the Deutsche Bank Prize for Financial Economics in 2013, Euromoney’s Central Banker of the Year Award 2014 and The Banker’s Global Central Banker of the Year award in 2016.

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Bibliographic information

Title The Third Pillar: How Markets and the State Leave the Community Behind
Format Hardcover
Date published: 12.02.2019
Edition 1st. ed.
Language: English
isbn 9789353028398
length 464p.