100 Quotes by Raghuram Rajan

To ensure stable and sustainable economic growth, world leaders must re-examine the international rules of the monetary game, with advanced and emerging economies alike adopting more mutually beneficial monetary policies.

Endorsing unconventional monetary policies unquestioningly is tantamount to saying that it is acceptable to distort asset prices if there are other domestic constraints on growth.

As a country that does not belong to any power bloc, India cannot afford to put itself in the position of needing multilateral support - a trap into which even developed countries, like Portugal and Spain, have fallen.

The few emerging economies that have avoided booms and busts have done so by adhering to sound policy frameworks.

The American political scientist Francis Fukuyama has argued that liberal democracies, with their political freedom and economic success, have three important pillars: a strong government, the rule of law, and democratic accountability. I would add a fourth: free markets.

Democratic accountability means that governments must be popularly accepted, with citizens empowered to replace corrupt or incompetent rulers.

The difficulty in a number of Western democracies is that the playing field is being tilted. For many in the middle class, prosperity seems unattainable because a good education - today's passport to riches - is unaffordable.

We should make sure that unscrupulous schools do not prey on uninformed students, leaving them with high debt and useless degrees.

I am an academic, and I have always made it clear that my ultimate home is in the realm of ideas.