The Third Pillar: How Markets and the State Leave the Community Behind

Chicago Booth Alumni Club of the United Kingdom

March 12, 2019: 8:00 AM - 10:00 AM

Chicago Booth London campus is delighted to host the former Governor of the Reserve Bank of India and finance professor Raghuram Rajan - one of the most important economic thinkers of our time – to discuss the current populist backlash against globalisation and the release of his new book, The Third Pillar: How Markets and the State Leave the Community Behind.


Chicago Booth London Campus
Woolgate Exchange, 1st floor
25 Basinghall Street
London, United Kingdom

Event Details

Raghuram Rajan has an unparalleled vantage point onto the social and economic consequences of globalisation and their ultimate effect on our politics. In The Third Pillar he offers a magnificent big-picture framework for understanding how these three forces – the state, markets, and our communities – interact, when things begin to break down, and how we can find our way back to a more secure and stable plane.

The "third pillar" 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. 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.

Please join us as Professor 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.

08:00 Registration
08:30 Event begins
09:30 Networking coffee


No Charge


Register Online

Deadline: 3/10/2019

Speaker Profiles

Raghuram G. Rajan (Speaker)
Katherine Dusak Miller Distinguished Service Professor of Finance, Chicago Booth

Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund.

Dr. Rajan's research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. The books he has written include The Third Pillar: How the State and Markets are leaving Communities Behind forthcoming, 2019, I do What I do: On Reform, Rhetoric, and Resolve, 2017, and Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010.

Dr. Rajan is a member of the Group of Thirty. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, Euromoney Central Banker Governor of the Year 2014, and Banker Magazine (FT Group) Central Bank Governor of the Year 2016.


Jane Delbene