The Third Pillar

RAGHURAM RAJAN is the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. He was the Governor of the Reserve Bank of India between 2013 and 2016, and also served as Vice¿Chairman of the Board of the Bank for International Settlements between 2015 and 2016. Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006.

Dr. Rajan was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences and the Group of Thirty. In 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 Deutsche Bank Prize for Financial Economics in 2013, Euromoney magazine's Central Banker of the Year Award 2014 and The Banker magazine's Global Central Banker of the Year award in 2016. In that year, Time magazine chose Dr. Rajan as one of the 100 most influential people in the world.

Dr. Rajan is the cöauthor with Luigi Zingales of Saving Capitalism from the Capitalists (2003), and the author of 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.

NUMBER ONE BESTSELLER IN INDIA

'Insightful and impressive ... As local governments get to work, they could certainly use the help of more thinkers of Mr. Rajan's calibre.' Wall Street Journal

'Skilfully unpicks the tensions between capitalism, democracy and community ... An important and timely new book' Financial Times

'An important contribution to understanding why, a decade after the crisis, the world's politics and economics remain so brittle' Times

'Rajan's account of corporate misbehavior is very well told' Project Syndicate

'Fresh, insightful and engaging. Offers a brilliant reckoning with one of today's most important and potentially crippling challenges ... [His] clear and compelling case goes well beyond protecting the vulnerable. It's also, critically, about enhancing the whole' Mohamed El-Erian, author of When Markets Collide and The Only Game in Town

'A strikingly insightful analysis of the penalties of neglecting the critically important role of community, by concentrating too much on the perceived efficacy of the markets and the state. Rajan brings out loudly and clearly why this imbalance needs urgent correction' Amartya Sen, Nobel Prize winner in Economic Sciences

'My parents lived through the Great Depression, the rise of Fascism, and World War II. I thought I was brought up in a world organized in a fundamentally different way. I was wrong. We all need to start thinking about this issue right now and this book is a place to begin' James A. Robinson, co-author of Why Nations Fail