An Economist's Argument for Preserving Communities - The New York Times - 2 views
www.nytimes.com/...ghuram-rajan-third-pillar.html
economist community market state science economics
shared by Javier E on 15 Mar 19
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Raghuram Rajan comes both to praise community and to bury it. This University of Chicago professor and former chief economist for the International Monetary Fund wants his new book to “reintroduce into the debate” the titular and neglected “third pillar” of community alongside the pillars of market and state that dominate modern society.
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The prospect tantalizes: a voice from within some of our most market-focused institutions arguing that “community matters” and so “it is not enough for a country to experience strong economic growth.”
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As a former central banker, Rajan gives special attention to the community’s role in financial markets and goes so far as to defend long-ago prohibitions on usury.
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Rajan’s real aim seems to be movement “toward one borderless world,” with stronger communities a perhaps helpful means to that end
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On one page, Rajan recommends that “powers should stay at the most decentralized level consistent with their effective use,” but on the next he declares that “when inclusiveness goes up against localism, inclusiveness should always triumph.”
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When genuine community does make a return in the book’s section on prescriptions, Rajan sacrifices it willingly.