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Raghuram G. Rajan

Raghuram G. Rajan

Writing for PS since 2003
94 commentaries
1 videos & podcasts

Raghuram G. Rajan, a former governor of the Reserve Bank of India and chief economist of the International Monetary Fund, is Professor of Finance at the University of Chicago Booth School of Business and the co-author (with Rohit Lamba) of Breaking the Mold: India’s Untraveled Path to Prosperity (Princeton University Press, 2024).

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  1. Economic Development in a Protectionist World
    rajan96_Pallava BaglaCorbis via Getty Images_indiaengineer Pallava Bagla/Corbis via Getty Images

    Economic Development in a Protectionist World

    Jan 3, 2025 Raghuram G. Rajan thinks poorer countries should be exploring new growth models, regardless of whether a new trade war erupts.

  2. Reform or Irrelevance for the IMF?
    rogoff216_ SAUL LOEBAFP via Getty Images_imf Saul Loeb/AFP via Getty Images

    Reform or Irrelevance for the IMF?

    Oct 24, 2024 Raghuram G. Rajan explains how the world’s financial backstop must change if it is to remain effective.

  3. Industrial Policy’s Deceptive New Clothes
    rajan94_Arvind YadavHindustan Times via Getty Images_indiasemiconductor Arvind Yadav/Hindustan Times via Getty Images

    Industrial Policy’s Deceptive New Clothes

    Sep 9, 2024 Raghuram G. Rajan sees little reason to support the case for renewed government interventions in the private sector.

  4. Bracing for a More Inflationary World
    rajan93_cienpiesGetty Images_inflation cienpies/Getty Images

    Bracing for a More Inflationary World

    Jul 11, 2024 Raghuram G. Rajan thinks central banks will remain under pressure to maintain tighter policies over the medium term.

  5. Raghuram G. Rajan and Rohit Lamba on Indian job creation, industrial policy, democracy, and more
    GettyImages-1166756409

    Raghuram G. Rajan and Rohit Lamba on Indian job creation, industrial policy, democracy, and more

    May 28, 2024 Raghuram G. Rajan & Rohit Lamba argue that India must place the highest priority on creating and owning intellectual property, advocate an alternative to interventionist industrial policies like subsidies, call for the decentralization of Indian governance at every level, and more.

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  1. tbunde7_Johannes SimonGetty Images_vance Johannes Simon/Getty Images
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    A Westless World

    Tobias Bunde reflects on this year's Munich Security Conference and America's break from the transatlantic alliance.
  2. broning14_Maja HitijGetty Images_merz Maja Hitij/Getty Images
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    Germany’s Last-Chance Election

    Michael Bröning

    With German voters clearly demanding comprehensive change, the far right has been capitalizing on the public's discontent and benefiting from broader global political trends. If the country's democratic parties cannot deliver, they may soon find that they are no longer the mainstream.

     explains why the outcome may decide whether the political “firewall” against the far right can hold.
  3. popescu6_ZinchenkoGlobal Images Ukraine via Getty Images)_ukrainepeace Zinchenko/Global Images Ukraine via Getty Images
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    The Only Path to Genuine Peace in Ukraine

    Nicu Popescu

    The Russian and (now) American vision of "peace" in Ukraine would be no peace at all. The immediate task for Europe is not only to navigate Donald’s Trump unilateral pursuit of a settlement, but also to ensure that any deal does not increase the likelihood of an even wider war.

     sees a Korea-style armistice with security guarantees as the only viable option in Ukraine.
  4. asakawa3_PoolGettyImages_hindu_kush_glacial_melt Pool/Getty Images
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    Meltdown at the Top of the World

    Masatsugu Asakawa urges development banks to act urgently to avert the catastrophic effects of the Himalayas’ thawing glaciers.
  5. frieda19_AnadoluGettyImages_russia_us_peace_talks Anadolu/Getty Images
    1

    The Economic Consequences of Trump’s Ukrainian Peace

    Gene Frieda

    Rather than engage in lengthy discussions to pry concessions from Russia, US President Donald Trump seems committed to giving the Kremlin whatever it wants to end the Ukraine war. But rewarding the aggressor and punishing the victim would amount to setting the stage for the next war.

     warns that by punishing the victim, the US is setting up Europe for another war.
  6. oneill128in McNameeGetty Images_trump Win McNamee/Getty Images
    2

    There Goes America

    Within his first month back in the White House, Donald Trump has upended US foreign policy and launched an all-out assault on the country’s constitutional order. With US institutions bowing or buckling as the administration takes executive power to unprecedented extremes, the establishment of an authoritarian regime cannot be ruled out.

  7. op_janeway18_DrAfter123Getty Images_AI DrAfter123/Getty Images
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    In AI We Trust?

    William H. Janeway

    The rapid advance of AI might create the illusion that we have created a form of algorithmic intelligence capable of understanding us as deeply as we understand one another. But these systems will always lack the essential qualities of human intelligence.

     explains why even cutting-edge innovations are not immune to the world’s inherent unpredictability.
  8. strain36_Michael M. SantiagoGettyImages_ny_stock_exchange Michael M. Santiago/Getty Images
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    How Trump Can Achieve Sustained Growth

    Michael R. Strain foresees the US president building on a strong economy, so long as he steers clear of populist policies.
  9. schwarzer9_Telmo PintoSOPA ImagesLightRocket via Getty Images_macronstarmer Telmo Pinto/SOPA Images/LightRocket via Getty Images
    1

    Europe Alone

    Daniela Schwarzer explains what the European Union must do now that America has walked away from the transatlantic relationship.

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