Recently 35% of Americans told Gallup pollsters that they trust the Federal government's handling of domestic problems, while 72% said they trust their local government. Given this mismatch in public confidence, should Washington do less and local governments do more?
In his insightful and impressive book “The Third Pillar,” the University of Chicago economist Raghuram Rajan calls for “bringing back the largely self-governing community as the locus of self-determination, identity and cohesiveness.” Mr. Rajan, a former Governor of the Reserve Bank of India, is a high priest of financial economics and central banking. His decision to champion county craft fairs and garbage collection is all the more compelling because it is unexpected.
Read Full Article »