The third pillar: the state, the market and the community in times of crisis

This article provides an in-depth analysis of Raghuram Rajan's concept, which points to the need to restore balance between the three pillars of social order: the state, the market, and the community. The author diagnoses contemporary crises as a result of this imbalance, leading to crony capitalism, polarization, and the rise of authoritarian tendencies. The key solution is inclusive localism and the decentralization of revenues, which allow local communities to regain agency. The text also addresses issues of the new information order, including data ownership and the role of the Data Act in limiting digital platform monopolies. This is an important contribution to the discussion on the evolution of stakeholder capitalism and the future of a democratic rule of law in the age of digital transformation.