Former RBI governor Raghuram Rajan's new book, 'The Third Pillar: How Markets and the State Leave the Community Behind' will be launched today. The book is about the three pillars - state, market and community - that support society. Rajan argues that maintaining the right balance among the three is necessary so that society progresses. In this book, Rajan has argued that neglecting social issues is not just myopic but outright dangerous. Rajan says that empowering local communities will help contain growing despair and unrest. Rajan also says that healthy communities are essential for sustaining vibrant market democracies.