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The Third Pillar: How Markets and the State Leave the Community Behind Hardcover – February 26, 2019

by Raghuram G Rajan (Author)
4.5 4.5 out of 5 stars 520 ratings
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Raghuram Rajan has an unparalled vantage point on the social and economic consequences of globalisation and their ultimate effect on politics and society. The Third Pillar, he offers a big-picture framework for understanding how three key forces - the economy, society and the state - interact, why things begin to break down, and how we can find our way back to a more secure and stable plane.
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  1. Print length
    200 pages
  2. Language
    English
  3. Publisher
    Harper Collins
  4. Publication date
    February 26, 2019
  5. Dimensions
    7.99 x 10 x 1.85 inches
  6. ISBN-10
    9353028396
  7. ISBN-13
    978-9353028398
  8. See all details
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Editorial Reviews

About the Author

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.

Product details

  • Publisher ‏ : ‎ Harper Collins (February 26, 2019)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 200 pages
  • ISBN-10 ‏ : ‎ 9353028396
  • ISBN-13 ‏ : ‎ 978-9353028398
  • Item Weight ‏ : ‎ 14.1 ounces
  • Dimensions ‏ : ‎ 7.99 x 10 x 1.85 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 520 ratings

Customer reviews

4.5 out of 5 stars
4.5 out of 5
520 global ratings

Top reviews from the United States

There are 0 reviews and 4 ratings from the United States

Top reviews from other countries

Neeraj H.
5.0 out of 5 stars Very good Book
Reviewed in India on May 9, 2023
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Really goods book
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Amazon Customer
5.0 out of 5 stars An excellent read!
Reviewed in India on June 2, 2019
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This is an excellent book. The content of this book mainly concerns with US and European economies, only a few chapters are dedicated to India and South Asia, so people looking for an Indian perspective will be a little disappointed, but there are some insights related to India too, it's just that the majority is related to the US and the European economy. But it is an excellent read nevertheless. Mr. Rajan specially hits out at populist nationalism and highlights how it can be harmful for the world as we embark into the future. An excellent read, I thoroughly enjoyed the book.
6 people found this helpful
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Tushar khosla
4.0 out of 5 stars High on INSIGHTS, modest on PRESCRIPTIONS
Reviewed in India on May 21, 2019
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This book is an insightful and serious read for those interesting in understanding various phenomenon around us, explained in the evolutionary and current context. The book traces the inter-play of State, Markets and Communities and its impact on social and economic across nations like US, Europe, China and India. Accordingly, the suggestions are also centered on role of each of these pillars and their relationships.

Rajan take on the China growth story is interesting and covers whole set of factors starting with retrenchment of staff from loss making PSUs to release labour, shifting focus to cities as epicenter for economic development and governments ability to delicately manage the control and support to start-ups and private enterprise. Future challenges to China growth would off-course require some fine-tuning and rethink. Rajan attributes India relatively slower economic progress to difficulty in land acquisition, dearer credit, procedural delays; the costs associated with vibrant but chaotic democracy. Surely Rajan understanding of India goes much deeper, than the cryptic analysis shared in this book.

Rajan convincingly explains the surge of Populist Nationalists, riding on the disenchantment of majority against the elite, and how this surge may come with its own set of issues, including social unease. The remedy proposed as combination of constitutional patriotism (nations identity linked to shared values), and communities with hold stronger ethnic and cultural entities is an interesting paradigm- but how much of this can be designed and how much this comes as emergent structure as an outcome of societies evolutionary journey is an open question. Similarly the phenomenon behind residential sorting and its impact on the inequality in the society is another dimension that require conscious intervention at different levels.

How much should the international institutions decide for the world decide for cause of common good, and how much should sovereigns have rights to decide for themselves. A very touchy issue, especially in light of widespread mistrust within the community of nations, provoked by the real and imagined capture of international agreements by stronger nations and through the big corporations. Rajan uses the global insistence of Basel norms adoption for financial institutions to drive this fact well. Similarly the stringent intellectual property rights (and infringement claims) tends to disproportionately discourage innovation in the relatively less developed societies. The advice is to move towards more inclusive, transparent and negotiated approach to global common goods, then pushing for harmonized rules and regulations across nations. Easier said, than done!

Recognizing the limitations of taking shareholders vs stakeholders benefit maximization as guiding objectives for the Corporate, Rajan middle-path suggestion for taking up the value maximization which comes as sum of value created for genuine set of stakeholders is an interesting concept- that may be worthy of further research.

Clearly the book leaves reader with much to chew, with provocative and creative in its advice and without being prescriptive.
23 people found this helpful
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sahil rathod
5.0 out of 5 stars Importance of balanced organs of society i.e Market, State and Community
Reviewed in India on July 11, 2019
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Dr.Rajan is one of the finest economists in recent times. This book depicts precisely importance of liberal democratic values and stronger community at base. Dr.Rajan has discussed how 3 organs state,market and community forms democratic system and what needs to be done by state and community to keep markets as well as each other in check.
A brilliant analysis of what community can do for themselves if given adequate political as well as financial powers.
One person found this helpful
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Abhishek T.
5.0 out of 5 stars Masterpiece
Reviewed in India on March 2, 2019
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A masterpiece by one of the greatest economist of our times. Distinctly depicted the interwoven relationship between the state, market and community.
A must read for everyone who truly wanna understand how the states and markets affect the community.
I havent finished the book yet but first 2 chapters had already aroused a hunger for more, its so astoundingly gripping.
I was waiting for this book and here I am completely satisfied😀😀😀
thank you Rajan Sir for penning down this piece!!!
41 people found this helpful
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