The Third Pillar

Published in 2019, this work examines how three fundamental forces—government, commerce, and local society—have interacted from medieval times to the present day. Economist Raghuram Rajan demonstrates that maintaining equilibrium among these forces has always been challenging. Currently, communities are weakening as unregulated commerce expands and governmental institutions lose credibility. This decline creates ideal conditions for populist politics to flourish. However, Rajan presents evidence that achieving a more stable social structure remains within reach.