[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$ffbMpy5fNttWmpB78G-4UM_PkY6VFpmjCQTD6rs26aJY":3,"$f4Wx6x9DRt2ZVVlI5mHt7WrtO4ZGf78ODWYxkSsWQhTI":12},{"author":4,"tags":11},{"author_id":5,"author_name":6,"author_name_first_letter":7,"article_count":8,"bio":9,"short_bio":9,"slug":10,"image_url":9},20055,"Raghuram G. Rajan","R",22,null,"raghuram-g-rajan",[],{"quotes":13,"pagination":78},[14,22,28,34,41,47,53,59,65,71],{"id":15,"quote_text":16,"author_id":5,"source_id":17,"has_image":18,"author":19,"source":20,"quote_tag":21,"commentary":9},3360330,"The Indian public would benefit from more competition between banks, and banks would benefit from more freedom in decision making.",6,false,{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":23,"quote_text":24,"author_id":5,"source_id":17,"has_image":18,"author":25,"source":26,"quote_tag":27,"commentary":9},3360327,"Politicians today vow, “Never again!” But they will naturally focus only on dealing with a few scapegoats, not just because the system is harder to change, but also because if politicians traced the fault lines, they would find a few running through themselves.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":29,"quote_text":30,"author_id":5,"source_id":17,"has_image":18,"author":31,"source":32,"quote_tag":33,"commentary":9},3360322,"Should the Governor disappear from public view and not speak for fear of misinterpretation, or should he take the risk in order to discharge his responsibilities?",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":35,"quote_text":36,"author_id":5,"source_id":17,"has_image":18,"author":37,"source":38,"quote_tag":39,"commentary":40},3360317,"Government, even in a democracy, can be captured by a small, well-organized class that has little interest in seeing broad-based access to finance.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],"**The Backstory**\nRaghuram G. Rajan, a renowned economist and former Governor of the Reserve Bank of India, is likely the author of this quote. This statement can be linked to his time at the International Monetary Fund (IMF) and his subsequent tenure as the Chief Economist and Director of Research at the IMF (2003-2007). During this period, Rajan was critical of the IMF's policies and the dominance of Western financial institutions in the global economy.\n\n**The Hidden Insight**\nThe quote reveals a counter-intuitive truth: even in a democratic system, power can be concentrated among a small, well-organized group, leading to unequal access to finance. This insight highlights the tension between the ideals of democracy and the realities of economic power dynamics.\n\n**How to Use This**\nTo apply this mindset today, professionals and creatives can recognize that even in the face of seemingly democratic systems, there may be underlying power structures that limit access to resources. By acknowledging this dynamic, individuals can proactively seek out diverse networks, collaborate with underrepresented groups, and advocate for policies that promote greater economic inclusivity.",{"id":42,"quote_text":43,"author_id":5,"source_id":17,"has_image":18,"author":44,"source":45,"quote_tag":46,"commentary":9},3360311,"Excessive rural credit was one of the important causes of bank failure during the Great Depression.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":48,"quote_text":49,"author_id":5,"source_id":17,"has_image":18,"author":50,"source":51,"quote_tag":52,"commentary":9},3360306,"Society suffers when any of the pillars weakens or strengthens overly relative to the others. Too weak the markets and society becomes unproductive, too weak a democratic community and society tends toward crony capitalism, too weak the state and society turns fearful and apathetic. Conversely, too much market and society becomes inequitable, too much community and society becomes static, and too much state and society becomes authoritarian. A balance is essential!",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":54,"quote_text":55,"author_id":5,"source_id":17,"has_image":18,"author":56,"source":57,"quote_tag":58,"commentary":9},3360300,"I thought there might be some grand design I did not understand, but the government’s policy clearly was not working, because India was still poor. I was determined to learn more, so I became interested in economics. This book is another unintended consequence of the government’s policies.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":60,"quote_text":61,"author_id":5,"source_id":17,"has_image":18,"author":62,"source":63,"quote_tag":64,"commentary":9},3360291,"Cynical as it may seem, easy credit has been used as a palliative throughout history by governments that are unable to address the deeper anxieties of the middle class directly.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":66,"quote_text":67,"author_id":5,"source_id":17,"has_image":18,"author":68,"source":69,"quote_tag":70,"commentary":9},3360278,"It involves considerable change, and change is risky. But as India develops, not changing is even riskier. We have to keep what is good about our system, of which there is a tremendous amount, even while acting differently where warranted.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":72,"quote_text":73,"author_id":5,"source_id":17,"has_image":18,"author":74,"source":75,"quote_tag":76,"commentary":77},3360271,"India is becoming a large middle income country, too complex and varied to be controlled centrally. The government will need to withdraw from occupying the commanding heights of the economy, confining itself to providing public goods and the governing framework, and leaving economic activity to the people.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],"**The Backstory**\nThis quote is attributed to Raghuram G. Rajan, an Indian economist who served as the Governor of the Reserve Bank of India from 2013 to 2016. At the time, India was experiencing rapid economic growth, and Rajan was advocating for a more nuanced approach to economic policy. His words reflect the challenges of managing a complex, diverse economy, and the need for a more decentralized approach.\n\n**The Hidden Insight**\nThe quote reveals a tension between the desire for control and the need for flexibility. On one hand, the government wants to exert control over the economy to ensure stability and growth. On the other hand, a large, complex economy like India's requires a more hands-off approach, allowing the market to dictate the pace and direction of economic activity. This paradox is rooted in the idea that too much control can stifle innovation and entrepreneurship, while too little control can lead to chaos and instability.\n\n**How to Use This**\nTo apply this mindset in your own work, recognize that there is a delicate balance between control and freedom. When faced with complex challenges, consider whether a more decentralized approach could unlock new opportunities for growth and innovation. By stepping back and allowing others to take the lead, you may find that the solutions you need emerge from the collective efforts of your team or community.",{"currentPage":79,"totalPages":80,"totalItems":8,"itemsPerPage":81},1,3,10]