The Third Pillar by Raghuram G. Rajan (Hardcover)

“The Third Pillar: How Markets and the State Leave the Community Behind” is a non-fiction book written by Raghuram G. Rajan, an Indian economist and former Chief Economist and Director of Research at the International Monetary Fund (IMF). The book was published in 2019.

In “The Third Pillar,” Rajan addresses the interplay between three essential forces in modern society: the market, the state, and the community. He argues that these three pillars are crucial for a well-functioning and balanced society. The market generates economic growth and innovation, the state provides essential public goods and services, and the community fosters social cohesion and a sense of belonging.

Rajan delves into the challenges that arise when any one of these pillars becomes too dominant or neglected at the expense of the others. He explores how the increasing influence of markets and states in certain areas can lead to a weakening of communities, which can have negative social and economic consequences.

The book discusses various issues related to globalization, inequality, political polarization, and the erosion of social bonds. Rajan advocates for a more holistic approach that balances the roles of all three pillars and ensures that the benefits of economic and social progress are broadly shared.

“The Third Pillar” offers a thought-provoking analysis of contemporary societal challenges and proposes ideas for achieving a more inclusive and sustainable future. It combines economic insights with sociopolitical observations to provide readers with a comprehensive perspective on the complex interactions shaping our world.