Communities, the state, and markets: the case for inclusive localism

When Work Disappears: Manufacturing Decline and the Falling Marriage-market Value of Young Men

Raghuram Rajan

Oxford Review of Economic Policy, 2021, vol. 37, issue 4, 811-823

Abstract: Opportunities are maximized for all when society’s three pillars, the market, the state, and the community, are balanced. In recent years, technological change and globalization have led to an expansion of the market and the state at the expense of certain communities. The resulting disparities in opportunities have led to widespread dissatisfaction, which can be addressed effectively only by strengthening left-behind communities. New technological solutions combined with policies that encourage inclusive localism are needed to restore the balance to society.

Keywords: Capitalism; globalization; ICT revolution; communities; inclusive; localism (search for similar items in EconPapers)
Date: 2021
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