My Journey with Raghuram Rajan's Vision in 'The Third Pillar| GratitudeSeries 15/60

When I first delved into Raghuram Rajan's "The Third Pillar," I was immediately struck by its profound insights into the balance between the state, the market, and the community. The book's tagline, "How the State and the Markets Leave the Communities Behind," resonated deeply with me, sparking a reevaluation of the community as not just a social but an economic institution.

Rajan's observation that "Societies are made up of three crucial, interrelated parts – the public sector, the private sector, and the community... The rise of information technology since the 1970s has weakened the third pillar, community, and shifted power to the private sector" [1], encapsulates the essence of the book. This understanding has profoundly influenced my team and me, shaping our approach to building DAO (Decentralized Autonomous Organization) commons based on skill and community.

While we initially operated under the brand "TheThirdPillar," inspired by Rajan's work, our focus on skill-based communities eventually led us to diverge from his specific thoughts on space-based communities. Our journey with "The Third Pillar" has been a cornerstone in developing a mathematical base for everything our DAO commons is built upon. I am eternally grateful to Raghuram Rajan for his contributions, which have significantly impacted our perspectives and goals.

Though I parted ways with some of Rajan's views, the core principles of his book remain a guiding light. It underscores the importance of considering community welfare and participation in economic discussions, something that is often overlooked in traditional economic models.

For anyone interested in exploring the dynamics of our modern economic and social structures, "The Third Pillar" by Raghuram Rajan is an essential read. It offers valuable insights and a fresh perspective on balancing societal pillars for a more inclusive and equitable future.


  1. Raghuram Rajan, "The Third Pillar: How Markets and the State Leave the Community Behind," as summarized on [68].
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