In an extended ING version of my latest piece for Project Syndicate (see previous post) I present this graphic of the three pillars of a sustainable recovery. Among others, I draw on the work of Raghuram Rajan, in his book The Third Pillar: How Markets and the State Leave the Community Behind, Samuel Bowles and Wendy Carlin, in their paper Shrinking Capitalism, who emphasise the role of civil society alongside government and the markets. In my case, I place people at the top as they will ultimately dictate what constitutes sustainability. I argued in Pandenomics that the Covid-19 pandemic has thrown a harsh spotlight on the competence of both government and business. It remains to be seen how far this will lead people to insist on an enhanced role in the recovery for civil society and local communities.
