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Title: The Third Pillar: How Markets and the State Leave the Community Behind
Author: Raghuram Rajan
Publisher: William Collins
Language: English
Format: Paperback
Pages: 464 pages
ISBN-10: 0008276307
ISBN-13: 978-0008276300
Item Weight: 320 g
Dimensions: 12.9 x 2.9 x 19.8 cm
"The Third Pillar" by Raghuram Rajan is a thought-provoking analysis of the contemporary populist backlash against globalization and its impact on liberal market democracy. Rajan, known for his economic insights, provides a comprehensive framework for understanding the interplay between three critical forces: the economy, society, and the state.
The book emphasizes the significance of the "third pillar," which represents society. Rajan argues that economics should not be confined to the market and government alone but should also encompass social issues, as all economic activities are embedded within a web of human relationships, values, and norms.
Rajan delves into historical examples where technological advancements disrupted existing social structures, leading to violent reactions and the rise of populism. He contends that the current approach to globalization is flawed and suggests reevaluating the relationship between the market and civil society. He advocates for the strengthening and empowerment of local communities to counteract growing discontent and social unrest.
"The Third Pillar" offers profound insights into the evolving dynamics of our society, economy, and politics, making it a significant work that sheds light on the challenges facing contemporary democracies and the potential solutions to address them.
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