Raghuram Rajan, distinguished University of Chicago professor, former IMF chief economist, head of India's central bank, and author of the 2010 FT-Goldman-Sachs Book of the Year Fault Lines, has an unparalleled vantage point onto the social and economic consequences of globalization and their ultimate effect on our politics. In The Third Pillar he offers up a magnificent big-picture framework for understanding how these three forces--the state, markets, and our communities--interact, why things begin to break down, and how we can find our way back to a more secure and stable plane. 

It’s May 1863. Outgeneraled and outgunned, a demoralized Union Army has pulled back with massive losses at the Battle of Chancellorsville. Fort Sumter, hated symbol of the Rebellion, taunts the American navy with its artillery and underwater mines.

An argument that a rules-based reform of the international monetary system, achieved by applying basic economic theory, would improve economic performance.

In this ground-breaking analysis, Terry Moe treats Hurricane Katrina as a natural experiment that offers a rare opportunity to learn about the role of power in the politics of institutional reform. When Katrina hit, it physically destroyed New Orleans’ school buildings, but it also destroyed the vested-interest power that had long protected the city’s abysmal education system from major reform. With the constraints of power lifted, decision makers who had been incremental problem-solvers turned into revolutionaries, creating the most innovative school system in the entire country.