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Raghuram Rajan

Senior Fellow
Biography: 

Raghuram Rajan is a senior fellow at the Hoover Institution and is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago's Booth School.

Prior to that, he was the twenty-third governor of the Reserve Bank of India from 2013 to 2016, as well as the vice chairman of the board of the Bank for International Settlements from 2015 to 2016. He was the chief economist and director of research at the International Monetary Fund from 2003 to 2006. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. His latest book, The Third Pillar: How Markets and the State Leave the Community Behind, was released on February 2019 by Penguin Press. He coauthored Saving Capitalism from the Capitalists with Luigi Zingales in 2003. He then wrote 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. Rajan was the president of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences and the Group of Thirty.

In January 2003, the American Finance Association awarded him the inaugural Fischer Black Prize for the best finance researcher under the age of forty. The other awards he has received include the global Indian of the year award from NASSCOM in 2011, the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, and Euromoney magazine’s Central Banker of the Year Award 2014.

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Recent Commentary

In the News

Crowded Out: Have Markets And States Forgotten About People?

featuring Raghuram Rajanvia Financial Times
Tuesday, March 5, 2019

Raghuram Rajan’s The Third Pillar skillfully unpicks the tensions between capitalism, democracy and community.

In the News

Communities Still Matter, But Are Falling Behind, Says Raghuram Rajan

featuring Raghuram Rajanvia Money Control
Saturday, March 2, 2019

In his latest book 'The Third Pillar', Rajan argues that an imbalance of power between communities, governments and markets is the source of today’s problems. 

In the News

What We Are Reading Today: The Third Pillar

featuring Raghuram Rajanvia Arab News
Friday, March 1, 2019

The Third Pillar is a brilliant and far-seeing analysis of the current populist backlash against globalization.

In the News

When The Interests Of Monopolists And Authoritarians Coalesce

featuring Raghuram Rajanvia ProMarket
Thursday, February 28, 2019

Power prefers permanence. Unregulated markets tend toward concentration as the successful try and entrench themselves by pulling up behind them the ladder of competition that they themselves climbed.

In the News

When The Interests Of Monopolists And Authoritarians Coalesce

featuring Raghuram Rajanvia ProMarket
Thursday, February 28, 2019

It is when the behemoth of monopoly enterprise consorts with the leviathan of the authoritarian state that both are likely to achieve permanence, writes Raghuram Rajan.

Interviews

Raghuram Rajan: Chicago Booth Professor's ‘The Third Pillar’ Calls For A New Social Contract

interview with Raghuram Rajanvia UChicagoNews
Thursday, February 28, 2019

Hoover Institution fellow Raghuram Rajan discusses his new book, The Third Pillar: How Markets and the State Leave the Community Behind. Rajan presents a radical rethinking of why capitalist democracies have been so successful in the past and why the consensus behind them is breaking down today.

Analysis and Commentary

There’s A Way To Make Immigration Great Again, Writes Raghuram Rajan

by Raghuram Rajanvia The Print
Thursday, February 28, 2019
When the community is dysfunctional, alienated individuals need some other way to channel their need to belong. Populist nationalism offers one such appealing vision of a larger imagined community — whether it is white majoritarianism in Europe and the U.S., the Islamic Turkish nationalism of Turkey’s Justice and Development Party, or the Hindu nationalism of India’s Rashtriya Swayamsevak Sangh.
In the News

Raghuram Rajan’s Latest Book Explores How Stronger Communities Can Save Capitalist Democracies

featuring Raghuram Rajanvia Chicago Booth Review
Wednesday, February 27, 2019

Why do our neighbors matter when we can reach people across the world? This compelling question opens the highly anticipated new book from Raghuram Rajan, a longtime finance professor at the University of Chicago Booth School of Business and former head of India’s Central Bank.

Interviews

Raghuram Rajan: Fed Has Pushed Back Possibility Of U.S. Recession, Ex-RBI Governor Rajan Says

interview with Raghuram Rajanvia Bloomberg
Wednesday, February 27, 2019
Hoover Institution fellow Raghuram Rajan comments on the outlook for the global economy and Federal Reserve monetary policy.
Featured

A Better Populism

by Raghuram Rajanvia Project Syndicate
Wednesday, February 27, 2019

The only policy that left- and right-wing populists can agree on to address economic decline is trade protectionism, which will make the world poorer. A new type of populism that puts more trust in local communities may well have a greater chance of success.

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