Raghuram Rajan

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Rajan on economic weapons

When fully unleashed, sanctions, too, are weapons of mass destruction. They may not topple buildings or collapse bridges, but they destroy firms, financial institutions, livelihoods, and even lives. Like military WMDs, they inflict pain indiscriminately, striking both the culpable and the innocent.

Raghuram Rajan,"Economic Weapons of Mass Destruction". Project Syndicate. 17 March 2022 [58]

Rajan's economic and political views were influenced by his experience of the Indian economy during The Emergency. As an economist, he was therefore wary of the risks of both unnecessary government intervention as well as unregulated financial markets, while remaining a champion of capitalism. [40] He is a proponent of democracy working with capitalism. [59] In May 2023, in his speech [60] at the Ideas for India Conference organised by Bridge India [61] he argued that India’s democracy is the path to its economic growth, attracting media attention. [62] [63]

Financial markets

Rajan advocates giving financial markets a greater role in the economy. In the book Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity [64] co-authored with Luigi Zingales, the two authors argue in favour of deregulated financial markets in order to facilitate access of the poor to finance: "Capitalism, or more precisely, the free market system, is the most effective way to organise production and distribution that human beings have found … healthy and competitive financial markets are an extraordinarily effective tool in spreading opportunity and fighting poverty. …Without vibrant, innovative financial markets, economies would ossify and decline." (p  1)

In 2005, at a celebration honouring Alan Greenspan, who was about to retire as chairman of the US Federal Reserve, Rajan delivered a controversial paper that was critical of the financial sector. [65] In that paper, "Has Financial Development Made the World Riskier?", Rajan "argued that disaster might loom." [66] Rajan argued that financial sector managers were encouraged to "take risks that generate severe adverse consequences with small probability but, in return, offer generous compensation the rest of the time. These risks are known as tail risks. But perhaps the most important concern is whether banks will be able to provide liquidity to financial markets so that if the tail risk does materialise, financial positions can be unwound and losses allocated so that the consequences to the real economy are minimised."

The response to Rajan's paper at the time was negative. For example, former U.S. Treasury Secretary and former Harvard President Lawrence Summers called the warnings "misguided" and Rajan himself a "luddite". [67] However, following the financial crisis of 2007–2008, Rajan's views came to be seen as prescient; by January 2009, The Wall Street Journal proclaimed that now, "few are dismissing his ideas." [66] In fact, Rajan was extensively interviewed on the global crisis for the Academy Award-winning documentary film Inside Job . Rajan wrote in May 2012 that the causes of the ongoing economic crisis in the US and Europe in the 2008–2012 period were substantially due to workforce competitiveness issues in the globalisation era, which politicians attempted to "paper-over" with easy credit. He proposed supply-side solutions of a long-term structural or national competitiveness nature: "The industrial countries should treat the crisis as a wake-up call and move to fix all that has been papered over in the last few decades... Rather than attempting to return to their artificially inflated GDP numbers from before the crisis, governments need to address the underlying flaws in their economies. In the United States, that means educating or retraining the workers who are falling behind, encouraging entrepreneurship and innovation, and harnessing the power of the financial sector to do good while preventing it from going off track. In southern Europe, by contrast, it means removing the regulations that protect firms and workers from competition and shrinking the government's presence in a number of areas, in the process eliminating unnecessary, unproductive jobs." [68]

Austerity vs stimulus

During May 2012, Rajan and Paul Krugman expressed differing views on how to reinvigorate the economies in the US and Europe, with Krugman mentioning Rajan by name in an opinion editorial. This debate occurred against the backdrop of a significant "austerity vs stimulus" debate occurring at the time, with some economists arguing one side or the other or a combination of both strategies. [69] [70] [71] In an article in Foreign Affairs magazine, Rajan advocated structural or supply-side reforms to improve competitiveness of the workforce to better adapt to globalisation, while also supporting fiscal austerity measures (E.g., raising taxes and cutting spending), although he conceded that austerity could slow economies in the short-run and cause significant "pain" for certain constituencies. [68] [72] Krugman rejected this focus on structural reforms combined with fiscal austerity. Instead he advocated traditional Keynesian fiscal (government spending and investment) and monetary stimulus, arguing that the primary factor slowing the developed economies at that time was a general shortfall in demand across all sectors of the economy, not structural or supply-side factors that affected particular sectors. [73]

As far as his position on India is concerned, Rajan stayed away from the Bhagwati vs. Sen debate, and has tended to sympathize with both sides of the so-called "growth vs. welfare" argument. While Rajan's views in general align with Bhagwati's (with respect to how growth is seen as the main source of development), he has also argued for government involvement in health and education like Sen, and has pointed to the resultant threat of oligarchy or alienation of the poor. [40]

In 2019, Rajan said that, following the financial crisis of 2007–2008 and the imposition of austerity, contemporary capitalism "is under serious threat" because it has stopped providing opportunities for the many and is now facing a possible revolt from the masses. [74]

Demonetization in India

In interviews in September 2017, Rajan said the Government of India had consulted the Reserve Bank of India, during his Governorship, on the issue of demonetization but never asked to take a decision. [75] He said the RBI was against the move and warned the government of the potential negative effects. Rajan also termed the currency notes ban exercise as, "One cannot in any way say it has been an economic success". In addition to his work at the University of Chicago and RBI, Raghuram is also a member of the Berggruen Institute's 21st Century Council. [76]

Bharat Jodo Yatra

A longtime critic of Modi's government, Rajan was criticized by BJP leaders after attending the Rahul Gandhi-led Bharat Jodo Yatra. [77]

Awards

Bibliography

Rajan has also published numerous articles in finance and economics journals including the American Economic Review , Journal of Economic Perspectives , Journal of Political Economy , Journal of Financial Economics , Journal of Finance and Oxford Review of Economic Policy.

Personal life

Raghuram Rajan is an Indian citizen and holds a USA Green Card. [91] He is married to Radhika Puri Rajan, whom he met while they were both students at IIM Ahmedabad. Radhika teaches at University of Chicago Law School. She is also an Adjunct Associate Professor of Behavioral Science at the University of Chicago Booth School of Business. They have a daughter and a son.[ citation needed ]

Rajan is a vegetarian. He likes the outdoors and plays tennis and squash. [13] [43] He enjoys reading Tolstoy, J. R. R. Tolkien and Upamanyu Chatterjee. [92] Rajan appeared on Siddharth Basu's quiz show Quiz Time, telecasted on the national television channel Doordarshan, in 1985, teaming up with his batchmate Jayant Sinha to represent IIT Delhi. [93] [94] He has also participated in various marathons, such as the Standard Chartered Mumbai Marathon 2015. [95]

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References

  1. ↑ "I am an Indian citizen: Raghuram Rajan". The Hindu. 30 October 2013. Quote: "I am an Indian citizen. I have always been an Indian citizen. I always held an Indian passport. I held an Indian diplomatic passport when my father was in the foreign service and when I travelled on behalf of the Ministry of Finance. I have never applied for the citizenship of another country. I have never been a citizen of another country and have never taken a pledge of allegiance to another country."
  2. ↑ Crabtree, James (30 August 2013) Raghuram Rajan, academic in a raging storm The Financial Times (requires a subscription), Retrieved 11 November 2014
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  95. ↑ "Mumbai marathon: Running for glory". India Today. 19 January 2015. Retrieved 2 October 2015.
Raghuram Rajan
Raghuram Rajan, IMF 69MS040421048l.jpg
Rajan in 2004
23rd Governor of the Reserve Bank of India
In office
4 September 2013 –4 September 2016
Diplomatic posts
Preceded by Chief Economist of the International Monetary Fund
2003–2007		Succeeded by
Government offices
Preceded by Chief Economic Adviser of India
2012–2013		Succeeded by
Preceded by Governor of the Reserve Bank of India
2013–2016		Succeeded by
Non-profit organization positions
Preceded by President of the American Finance Association
2011		Succeeded by
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