4.8 • 2.4K Ratings
🗓️ 13 March 2019
⏱️ 56 minutes
🧾️ Download transcript
Raghuram Rajan thinks a lot about how to empower individuals, both at the community and international level. In his new book, Rajan draws upon experience both as an academic and policymaker to break down how the three pillars of society — the state, markets, and communities — interact with each other, and argues that we’re currently balancing this complex relationship wrong.
How much has the U.S. actually fixed the financial system? Does India have the best food in the world? Why does China struggle to maintain a strong relationship with allies? Why are people trading close-knit communities for isolating cities? And what types of institutions are we missing in our social structure? Listen to Rajan’s thorough conversation with Tyler to dive into these questions and much more.
Read a full transcript enhanced with helpful links.
Recorded February 26th, 2019
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0:00.0 | Conversations with Tyler is produced by the Mercatus Center at George Mason University, |
0:08.4 | bridging the gap between academic ideas and real-world problems. |
0:12.5 | Learn more at mercatis.org. |
0:15.2 | And for more conversations, including videos, transcripts, and upcoming dates, visit |
0:20.4 | ConversationsWithTyler.com. |
0:32.3 | Today we're here with Raghuram Rajan, who is professor at University of Chicago. |
0:38.1 | Raghur has a new book out, The Third Pillar, How Markets in the State Leave the Community Behind. |
0:44.1 | Raghur, welcome. |
0:45.1 | Thank you for having me. |
0:46.5 | First question, should we really be trying to empower local communities if we think |
0:51.7 | NIMBY is a big problem and strong localism just means tighter zoning regulations? |
0:56.6 | Well, you need a new kind of structure going forward. |
1:00.7 | Certainly you need more empowerment locally, but you have to make sure that empowerment is |
1:06.4 | not total, that it's not about building walls around the community, but making the community |
1:12.8 | able to take advantage of a global economy as well as a large country. |
1:18.6 | So walls prevent that. |
1:20.7 | So how do you get people to have a sense of agency while at the same time there are flows |
1:27.1 | across the borders of the community? |
1:29.1 | That's really what I'm trying to do. |
1:30.9 | If we had stronger local communities, do you think we would have stronger restrictions |
1:35.2 | on building in Sam and Hat in San Francisco, the American suburbs? |
1:39.3 | Well, I think you have to worry about that. |
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