How Markets and the State have left the Community Behind

Dr. Rajan reflected on the big challenges facing India and the global economy, based on his two recent books. An expert on India and the global economy, Dr. Rajan anticipated the 2008 global financial crisis, and as Governor of India’s central bank (2013-16) helped reshape the country’s monetary policy. It was a “not to be missed” lecture, held just weeks before India’s general elections.

The Center for Emerging Markets’ India Lecture Series is free and open to the public and made possible by a gift by an anonymous donor.

More About Dr. Rajan

Raghuram Rajan is Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago’s Booth School of Business. He was the 23rd Governor of the Reserve Bank of India (2013-2016) and Chief Economist and Director of Research at the International Monetary Fund (2003-2005).

Dr. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. His books include The Third Pillar: How the State and Markets are leaving Communities Behind (2019), I do What I do: On Reform, Rhetoric, and Resolve (2017), which includes his views on the Indian monetary sector, and Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010.

Dr. Rajan was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. His other awards include the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, Euromoney Central Banker Governor of the Year 2014, and Banker Magazine (FT Group) Central Bank Governor of the Year 2016.