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

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Average Rating
Published
New York : Penguin Press, 2019.
Physical Desc
xxviii, 434 pages ; 25 cm
Status
Downtown Reno Library - Adult Nonfiction
306.3 RAJAN 2019
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Published
New York : Penguin Press, 2019.
Format
Book
Language
English

Notes

Bibliography
Includes bibliographical references (pages 401-421) and index.
Description
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 inches 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.

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Citations

APA Citation, 7th Edition (style guide)

Rajan, R. (2019). The third pillar: how markets and the state leave the community behind . Penguin Press.

Chicago / Turabian - Author Date Citation, 17th Edition (style guide)

Rajan, Raghuram. 2019. The Third Pillar: How Markets and the State Leave the Community Behind. New York: Penguin Press.

Chicago / Turabian - Humanities (Notes and Bibliography) Citation, 17th Edition (style guide)

Rajan, Raghuram. The Third Pillar: How Markets and the State Leave the Community Behind New York: Penguin Press, 2019.

Harvard Citation (style guide)

Rajan, R. (2019). The third pillar: how markets and the state leave the community behind. New York: Penguin Press.

MLA Citation, 9th Edition (style guide)

Rajan, Raghuram. The Third Pillar: How Markets and the State Leave the Community Behind Penguin Press, 2019.

Note! Citations contain only title, author, edition, publisher, and year published. Citations should be used as a guideline and should be double checked for accuracy. Citation formats are based on standards as of August 2021.

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