Raghuram G. Rajan
Raghuram G. Rajan is a distinguished author and economist. Born in 1963, Rajan was the chief economist of the International Monetary Fund (IMF) from 2003-2007. He then became the Governor of the Reserve Bank of India from 2013-2016 and is currently the Frederick Henry Blackburn Professor of Finance at the University of Chicago Booth School of Business. Rajan is an influential public figure and his economic writings have helped shape the global policy debate.
Rajan has been highly praised for his various writings. His 2003 book, Saving Capitalism from the Capitalists, co-authored with Luigi Zingales, examines the role of entrepreneurial finance and markets in economic growth and provides the groundwork for understanding economic globalization. In Particular, the book highlights the importance of protecting small businesses from the predatory practices of large corporations. Rajan has also written two national bestsellers, Fault Lines: How Hidden Fractures Still Threaten the World Economy and The Third Pillar: How Markets and the State Leave the Community Behind.
Both of these books provide insight into the current global financial system and Rajan’s views on the need for balanced economic decisions between the market and the government. In Fault Lines, Rajan examines how disparities in employment, education, and living standards within American society can act as an economic Achilles heel during times of crisis and can cause the global economy to suffer. In The Third Pillar, Rajan argues that the government and market institutions do not provide the core economic foundation of strong economic growth and proposes that a new third pillar be established, composed of community based organizations, to fill in the gaps.
Rajan has also been credited for his prescient warnings of the 2008 financial crisis, with his 2005 paper, “Has Financial Development Made the World Riskier?” Though he was criticized at the time for his statements, he later received applause and recognition for his views. He has also appeared as a speaker at numerous forums, including the World Economic Forum, and has given presentations at the G20 and G8 summits.
Rajan's most recent book, The Last Mile in the Digital Age, examines the challenges faced by nations and entrepreneurs in making the transition from a traditional economy to the digital age. This book emphasizes the need for creating incentives for entrepreneurs and social safety nets for the disadvantaged. Overall, this book further showcases the author's ability to analyze the complicated issues of modern economics.
Raghuram Rajan is a thought leader in the area of economic development. His writings have provided crucial insight into the functioning of the global economy and have warned of potential risks that led to the 2008 financial crisis. His scientific approach to economic policy guided his decisions as the Governor of the Reserve Bank of India, and his most recent book offers an in-depth investigation of the challenges faced during the transition to the digital age. Rajan is the winner of several awards, including the Deutsche Bank Prize in Financial Economics in 2013, and is an influential public figure in today's world.
