Chicago Booth’s Raghuram G. Rajan explains how his 2019 book “The Third Pillar: How Markets and the State Leave the Community Behind” makes the case for giving more power to local communities. “What happens when one or two pillars get overly strong is that it creates an imbalance,” Rajan says. “And that imbalance has to be rectified either by strengthening some other pillar or by weakening the existing pillars.”
The community is critical to maintaining the balance between the state and markets.Raghuram G. Rajan Says Capitalism’s Future Lies in Stronger Communities
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