The Third Pillar – Raghuram Rajan: A Review

Raghuram Rajan is a distinguished economist and academician of our time. He is a thorough intellectual who served as the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. His remarkable contributions to the Indian economy as well as the world economy have earned him several accolades and conferred him the title of the ‘Global Indian’ in the year 2010. Raghuram Rajan has authored several award-winning books which reflect his vast experience and relevant expertise in the capital market.
His new book, ‘The Third Pillar’ is a testament of his profound knowledge and exceptional acumen that makes him a national asset for India. The visionary author touches upon the crippling challenges of the Indian democracy and unfolds the key reasons behind its degeneration. Through this book, Raghuram Rajan emphasizes the importance of local communities and how they help in boosting the country’s economic growth. The Third Pillar is a sound depiction of the growing imbalance between the three pillars that form the foundation of the society and how this issue can be addressed.
“The technological revolution is essentially strengthening the markets tremendously, but also strengthening governments at the same time and what is being left behind is the third pillar, the communities.” – Raghuram Rajan.
Through this book, he presses on some of the toughest questions of our times such as why are we in a state of economic despair when all the developed countries are witnessing economic growth? What is the cause of widespread unhappiness despite the development of new technologies? Why are highly-qualified individuals facing job crunches? and so on.
In a nutshell, the book offers valuable insights on building the ideal democracy by striking a balance between the state, the market and the community. Much like his previous literary works, Raghuram Rajan’s new book is simple, effective and to the point. He holds strength in writing in an accessible manner such that even the most complex economic issues can be understood by a lay reader.
A balance is essential! Pick a copy of The Third Pillar to understand the apathetic situation of the existing social structure and how community restoration will act as a beacon of hope.

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