The Third Pillar By Raghuram Rajan

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DISRUPTIVE TECHNOLOGICAL CHANGE

Every past technological revolution has been disruptive, prompted a societal reaction, and eventually resulted in societal change that helped us get the best out of the technology.

Since the early 1970s, we have experienced the Information and Communications Technology (ICT) revolution.

It built on the spread of mass computing made possible by the microprocessor and the personal computer, and now includes technologies ranging from artificial intelligence to quantum computing, touching and improving areas as diverse as international trade and gene therapy.

The effects of the ICT revolution have been transmitted across the world by increasingly integrated markets for goods, services, capital, and people.

Every country has experienced disruption, punctuated by dramatic episodes like the Global Financial Crisis in 2007-2008 and the accompanying Great Recession.

We are now seeing the reaction in populist movements of the extreme Left and Right. What has not happened yet is the necessary societal change, which is why so many despair of the future.

We are at a critical moment in human history, when wrong choices could derail human economic progress.

This book is about the three pillars that support society and how we get to the right balance between them so that society prospers.

Two of the pillars I focus on are the usual suspects, the state and markets. Many forests have been consumed by books on the relationship between the two, some favoring the state and others markets.

It is the neglected third pillar, the community-the social aspects of society that I want to reintroduce into the debate. When any of the three pillars weakens or strengthens.

AuthorRaghuram Rajan
LanguageEnglish
Pages1685
PDF Size3.50 MB
CategoryGame

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