While the societal pillars of markets and nation-states have been strengthened during the past few decades, communities have not. With rapid globalization and technological change, economic and political power has become increasingly concentrated. Peripheral communities were cast aside … The solution, according to Rajan, is to empower and strengthen local communities and entrust local governments with more decision-making power. Rajan calls this ‘inclusive localism.’
Read the full article on: ProMarket (Stigler Center, University of Chicago)