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The Third Pillar

How Markets and the State Leave the Community Behind
in: Sociology
Summary:

The book explores the imbalance between the three pillars of society: the market, the state, and the community, arguing that the neglect of community has led to social and economic instability. It proposes solutions to restore balance, emphasizing the need for stronger local communities to ensure sustainable growth and democratic health.

Key points:

1. The Three Pillars: Raghuram Rajan's concept highlights the need for balance among the state, markets, and communities for societal stability. Each pillar represents governance, economic forces, and social bonds, respectively.

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