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The third pillar : how markets and the state leave the community behind

Author: Raghuram Rajan
Publisher: New York : Penguin Press, 2019. ©2019
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
"Raghuram Rajan, distinguished University of Chicago professor, former IMF chief economist, head of India’s central bank, and author of the 2010 FT-Goldman-Sachs Book of the Year Fault Lines, has an unparalleled vantage point onto the social and economic consequences of globalization and their ultimate effect on our politics. In The Third Pillar he offers up a magnificent big-picture framework for understanding how  Read more...
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Genre/Form: Nonfiction
Additional Physical Format: Online version:
Rajan, Raghuram.
Third pillar.
New York : Penguin Press, [2019]
(DLC) 2018058588
Document Type: Book
All Authors / Contributors: Raghuram Rajan
ISBN: 9780525558316 0525558314 0525558322 9780525558323
OCLC Number: 1078971827
Description: xxviii, 434 pages ; 25 cm
Contents: Tolerating avarice --
The rise of the strong but limited state --
Freeing the market ... then defending it --
The community in the balance --
The pressure to promise --
The ICT revolution cometh --
The reemergence of populism in the industrial west --
The other half of the world --
Society and inclusive localism --
Rebalancing the State and the community --
Reinvigorating the third pillar --
Responsible sovereignty --
Reforming markets.
Other Titles: 3rd pillar
How markets and the state leave the community behind
Responsibility: Raghuram Rajan.

Abstract:

"Raghuram Rajan, distinguished University of Chicago professor, former IMF chief economist, head of India’s central bank, and author of the 2010 FT-Goldman-Sachs Book of the Year Fault Lines, has an unparalleled vantage point onto the social and economic consequences of globalization and their ultimate effect on our politics. In The Third Pillar he offers up a magnificent big-picture framework for understanding how these three forces–the state, markets, and our 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” of the title 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. As he shows, throughout history, technological phase shifts have ripped the market out of those old webs and led to violent backlashes, and to what we now call populism. Eventually, a new equilibrium is reached, but it can be ugly and messy, especially if done wrong. Right now, we’re doing it wrong. As markets scale up, the state scales up with it, concentrating economic and political power in flourishing central hubs and leaving the periphery to decompose, figuratively and even literally. Instead, Rajan offers 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. Rajan is not a doctrinaire conservative, so his ultimate argument that decision-making has to be devolved to the grass roots or our democracy will continue to wither, is sure to be provocative. But even setting aside its solutions, The Third Pillar is a masterpiece of explication, a book that will be a classic of its kind for its offering of a wise, authoritative and humane explanation of the forces that have wrought such a sea change in our lives." -- Publisher's description

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