Economist Dr. Raghuram Rajan proposes that world leaders allow the state and institutions to manage economic health, neglecting a crucial component of prosperity: the "third pillar" of locally based communities.
Why you should listen
Dr. Raghuram Rajan is the former governor of the Reserve Bank of India and former vice-chairman of the board of the Bank for International Settlements. In 2005, while serving as chief economist and director of research at the International Monetary Fund, Rajan warned of impending risks in the global financial system -- a warning that many regarded as prescient after the crisis of 2008.
Rajan's studies include banking and the role finance plays in economic development. His 2019 book, The Third Pillar: How Markets and the State Leave the Community Behind, analyzes the role of community in building healthy economies. In 2016, TIME chose Rajan as one of the world's 100 most influential people.