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

By: Rajan, Raghuram
Material type: BookPublisher: New York : Penguin Press, c2019.Description: xxviii, 434 p. ; 25 cm.ISBN: 9780525558316Subject(s): Economic development -- Social aspects | Economics -- Sociological aspects | Capitalism | Democracy -- Economic aspects | CommunitiesDDC classification: 306.3 RA TH Online resources: Location Map
Summary:
In this book the author offers up a 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 in. 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.
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Item type Home library Call number Status Notes Date due Barcode Item holds
REGULAR University of Wollongong in Dubai
Main Collection 		306.3 RA TH (Browse shelf) Available Mar2020 T0063891
Total holds: 0

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

• 1.Tolerating Avarice
• 2.The Rise of the Strong but Limited State
• 3.Freeing the Market... Then Defending It
• 4.The Community in the Balance
• pt. II IMBALANCE
• 5.The Pressure to Promise
• 6.The ICT Revolution Cometh
• 7.The Reemergence of Populism in the Industrial West
• 8.The Other Half of the World
• pt. III RESTORING THE BALANCE
• 9.Society and Inclusive Localism
• 10.Rebalancing the State and the Community
• 11.Reinvigorating the Third Pillar
• 12.Responsible Sovereignty
• 13.Reforming Markets.

In this book the author offers up a 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 in. 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.

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