Skip to content
Search AI Powered

Latest Stories

Raghuram Rajan’s business book shortlisted for major prize

By Amit Roy

A BOOK by Raghuram Rajan, a former governor of the Reserve Bank of India and tipped by some as a possible successor to Mark Carney at the Bank of England, has been shortlisted for the prestigious Financial Times and McKinsey Business Book of the Year Award 2019.


The Third Pillar: The Revival of Community in a Polarised World (William Collins UK), by Rajan, 56, currently a Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, is one of six titles in the running for the £30,000 prize.

Rajan has said of his book: “It is fair to say that capitalism is failing our democracies today. I explain in this book why this is happening at a time of record-low unemployment, and what we should do about it. Reinvigorating the third pillar, the community, is critical to rebuilding a system that works for all so that democracy does not fail capitalism.”

Being shortlisted represents a remarkable achievement for Rajan, who won the prize in 2010 for another of his books, Fault Lines: How Hidden Fractures Still Threaten the World Economy.

He was the 23rd governor of the Reserve Bank of India between September 2013 and September 2016 but did not seek a second term, apparently after differences with prime minister Narendra Modi’s government.

Between 2003 and 2006, Rajan was the chief economist and director of research at the International Monetary Fund.

He has said he has not applied for the job of Bank of England governor and is quite happy where he is at Chicago University, but has been tipped for it anyway by the Financial Times.

So has Baroness Shriti Vadera, chairman of Santander UK, who is, incidentally, one of the eight judges for the business book award.

This year’s shortlist was revealed on Monday (16) by Kate Smaje, senior partner at McKinsey, at a lunch held at the Royal Society of Arts in London.

She said: “This year’s authors probe critical challenges that every business is struggling with – among them the use and abuse of data, the role of talent in an era of AI and specialisation, and how to spur more inclusive capitalism.”

The winner will be announced in New York on December 3. Those who don’t win walk away with a £10,000 cheque each.

According to the synopsis, “the ‘third pillar’ of the title is society”.

In giving a summary of the author and his book, the judges said: “In The Third Pillar, he offers a magnificent big-picture framework for understanding how three key forces – the economy, society and the state – interact, why things begin to break down, and how we can find our way back to a more secure and stable plane.

“Rajan offers a way to rethink the relationship between the market and civil society, and argues for a return to strengthening and empowering local communities as an antidote to growing despair and unrest.”

The other five books shortlisted this year are: Invisible Women: Exposing Data Bias in a World Designed for Men, by Caroline Criado Perez; Range: How Generalists Triumph in a Specialized World, by David Epstein; Kochland: The Secret History of Koch Industries and Corporate Power in America, by Christopher Leonard; The Age of Surveillance Capitalism: The Fight for a Human Future at the New Frontier of Power, by Shoshana Zuboff; and The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution, by Gregory Zuckerman.

Lionel Barber, editor of the Financial Times, said: “This year’s shortlist covers the most important trends in modern capitalism. The judges praised the range and depth of the books which tackles issues including gender inequity, the data-driven economy, the quant revolution in financial markets and Koch Industries, one of America’s most powerful and most private companies.”

South Asian authors have done well in the past. Apart from Rajan, Liaquat Ahamed won for The Lords of Finance in 2009, and Abhijit V Banerjee and Esther Duflo for Poor Economics in 2011.

Young Eastern Eye readers with good ideas for a business book are being encouraged to put in for the Bracken Bower Prize which is run by the same stable.

“The £15,000 award, now in its sixth year, will go to the best proposal (of no more than 5,000 words) for a business book by an author, or authors, under the age of 35,” the organisers said.

Two Pakistani origin authors have won in the past – Saadia Zahidi in 2014, and Mehran Gul, who won in 2017.

The closing date is September 30.

More For You

Sanjay Bhandari's extradition appeal opens in London
Sanjay Bhandari

Sanjay Bhandari's extradition appeal opens in London

SANJAY BHANDARI, a consultant in the defence sector wanted in India on alleged tax evasion and money-laundering charges, began an appeal in the High Court in London against his extradition order.

The 62-year-old businessman had won permission to appeal against a November 2022 Westminster Magistrates’ Court ruling clearing his extradition earlier this year.

Keep ReadingShow less
Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, US, September 23, 2024. (Photo: Reuters)
Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, US, September 23, 2024. (Photo: Reuters)

Murdoch's bid to secure eldest son's control of media empire fails

RUPERT MURDOCH’s attempt to secure control of his media empire for his eldest son, Lachlan, has reportedly failed, according to a US news report on Monday.

The Murdoch family, which oversees influential outlets like Fox News, The Wall Street Journal, and various British and Australian media organisations, has often been compared to the fictional dynasty in the TV series Succession. Like the show, real-life disputes within the Murdoch family have centred on control of the business after Rupert Murdoch’s death.

Keep ReadingShow less
Kamlesh Pattni faces UK sanctions for illicit gold trade
Pattni stands accused of central involvement in the infamous Goldenberg scandal. (Representational image: iStock)

Kamlesh Pattni faces UK sanctions for illicit gold trade

THE UK and US have imposed financial sanctions on Kamlesh Pattni, a British-Kenyan businessman with a controversial financial history. The punitive measures target Pattni and four of his close family members, including his wife and brother-in-law, reported the BBC.

The sanctions, announced by the UK Foreign, Commonwealth and Development Office, will result in the immediate freezing of assets, representing a significant intervention in what officials describe as a complex network of illicit gold trading spanning multiple African nations.

Keep ReadingShow less
Sanjay Malhotra speaks during the 67th Foundation Day of the Directorate of Revenue Intelligence (DRI) in New Delhi on December 4, 2024. (Photo: Getty Images)
Sanjay Malhotra speaks during the 67th Foundation Day of the Directorate of Revenue Intelligence (DRI) in New Delhi on December 4, 2024. (Photo: Getty Images)

India appoints Sanjay Malhotra as new central bank governor

INDIA has appointed Sanjay Malhotra, a senior finance ministry bureaucrat, as the new governor of its central bank, the Reserve Bank of India (RBI).

The announcement was made on Monday, a day before the term of outgoing governor Shaktikanta Das was set to expire.

Keep ReadingShow less
The new order includes 10 widebody A350 planes and 90 narrowbody A320 family aircraft.
The new order includes 10 widebody A350 planes and 90 narrowbody A320 family aircraft.

Air India orders 100 more Airbus jets to expand fleet

AIR INDIA has placed an order for 100 more Airbus aircraft to expand its fleet and enhance connectivity, the Tata Group-owned carrier announced on Monday.

The new order includes 10 widebody A350 planes and 90 narrowbody A320 family aircraft. The purchase is in addition to the 470 aircraft Air India ordered last year from Airbus and Boeing, the airline said in a statement.

Keep ReadingShow less