The Books That Inspired Former RBI Deputy Governor Viral Acharya

A “telling commentary on the totalitarianism prevalent during the World War II.” Why economists need to focus on people and not only markets. How firms are stifling growth and innovation. These are some of the themes that have stayed with Viral Acharya.

The former deputy governor of the Reserve Bank of India, who once quoted Ernest Hemingway to explain the change in his view on interest rates for Indian economy, “highly recommends” Vasily Grosman’s Life And Fate, as he shares a list of books that he has enjoyed reading over the years.

Here’s a look at Acharya’s reading list...

Life And Fate, By Vasily Grosman (In Russian), Translated By Robert Chandler

The book is considered the magnum opus of Grossman. It is said to be inspired by his own life, in particular, the passage of his mother during the World War II. “I took to the book after being reminded about it after many years by a recent reference to it in the Financial Times,” Acharya said.

It is a telling commentary of totalitarianism prevalent during the period of the War, showing in particular the conflict of individuals facing totalitarianism from invaders as well as from within their own country, he said.

It covers with great candor the distortion of reality and values by the totalitarian state and the gradual annihilation of the spirit of the individual by the totalitarian state even as humanity, science and the freedom of thought are portrayed as offering a potentially invincible kernel against such a state. “I highly recommend it!”

Range: How Generalists Triumph In A Specialized World, By David Epstein

Epstein looks at how an analysis of top performers shows that early specialisation is not the norm. “It is an exception,” Acharya said.

The Third Pillar – How The Markets And The State Leave The Community Behind, By Raghuram G Rajan

Raghuram Rajan offers a view on the impact of globalisation and its effect on politics. This is a book that asks to include people in its broader picture of an interaction with markets and the state, according to Acharya.

The Great Reversal – How America Gave Up On Free Markets, By Thomas Philippon

This book talks of the perils of firms focusing solely on concentration of corporate power, and how firms are stifling growth and innovation, Acharya said.

The Fifth Risk, By Michael Lewis

In this book, Michael Lewis talks of Donald Trump’s presidency, its ramifications on institutions and people, according to Acharya.