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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.

From Raghuram Rajan

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

From Raghuram Rajan

Indian cricket fans are manic-depressive in their treatment of their favorite teams. They elevate players to god-like status when their team performs well, ignoring obvious weaknesses; but when it loses, as any team must, the fall is equally steep, and every weakness is dissected.

From Raghuram Rajan

Customers often value a good more when its price goes up. One reason may be its signaling value. An expensive handcrafted mechanical watch may tell time no more accurately than a cheap quartz model; but, because few people can afford one, buying it signals that the owner is rich.

From Raghuram Rajan

If developed countries' citizens want to feel slightly better about their economies' slow growth and high unemployment, they should contemplate how much worse matters could be without the institutions that they have.

From Raghuram Rajan

The more that everyone has access to the same educational opportunities, the more society will tend to accept some receiving disproportionate rewards. After all, they themselves have a chance to be winners.

From Raghuram Rajan

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.

From Raghuram Rajan

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

From Raghuram Rajan

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.

From Raghuram Rajan

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

From Raghuram Rajan

Raghuram Rajan

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