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The Age of Turbulence: Adventures in a New World Hardcover – Unabridged, September 17, 2007
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After 9/11 Alan Greenspan knew, if he needed any further reinforcement, that we're living in a new world - the world of a global capitalist economy that is vastly more flexible, resilient, open, self-directing, and fast-changing than it was even 20 years ago. It's a world that presents us with enormous new possibilities but also enormous new challenges. The Age of Turbulence is Alan Greenspan's incomparable reckoning with the nature of this new world - how we got here, what we're living through, and what lies over the horizon, for good and for ill-channeled through his own experiences working in the command room of the global economy for longer and with greater effect than any other single living figure. He begins his account on that September 11th morning, but then leaps back to his childhood, and follows the arc of his remarkable life's journey through to his more than 18-year tenure as Chairman of the Federal Reserve Board, from 1987 to 2006, during a time of transforming change.
Alan Greenspan shares the story of his life first simply with an eye toward doing justice to the extraordinary amount of history he has experienced and shaped. But his other goal is to draw readers along the same learning curve he followed, so they accrue a grasp of his own understanding of the underlying dynamics that drive world events. In the second half of the book, having brought us to the present and armed us with the conceptual tools to follow him forward, Dr. Greenspan embarks on a magnificent tour de horizon of the global economy. He reveals the universals of economic growth, delves into the specific facts on the ground in each of the major countries and regions of the world, and explains what the trend-lines of globalization are from here. The distillation of a life's worth of wisdom and insight into an elegant expression of a coherent worldview, The Age of Turbulence will stand as Alan Greenspan's personal and intellectual legacy.
From Publishers Weekly
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.
Top Customer Reviews
Undoubtedly the most interesting material included Greenspan's evaluations of the Presidents he had worked with. His observations were not the platitudes one might have expected. "Nixon was very smart, paranoid," and was an equal-opportunity disparager of all ethnic groups. Ford was the most normal, and sometimes looked past politics to focus on the ethics of an issue. Reagan's ability to spout seemingless endless one-liners and stories was an "odd form of intelligence," according to Greenspan. Greenspan felt his relationship with Bush I was a disaster, with the President eventually blaming Greenspan for his losing the election to Clinton. Clinton, however, was most like a soul-mate to Greenspan - very intelligent, and one constantly working to soak up knowledge and understanding. Greenspan also labeled Clinton's '93 economic plan that focused on reducing the deficit as an "act of political courage." Finally, Greenspan's assessment of Bush II was that he was incurious about the effects of his own economic policy, and that Greenspan's biggest frustration with Bush II was his failure to veto any spending bills.
Greenspan was told that Bush thought he could better control Speaker Hastert and Whip Delay by signing the spending bills; they, however, were never reticent to spend more money to help assure more Republican congressmen.Read more ›
Greenspan takes us through his Washington Heights childhood, his admiration for the ideas of Adam Smith and Ayn Rand, to his career in macroeconomic forecasting, then through 4 decades in public service, including nearly 19 years as Chairman of the Fed. If you're looking for the rationale behind the Fed lowering the fund rate 3 times in fall 1998, mid-tech stock bubble, or decreasing the rate to 1% in 2003 and leaving it there for a year, precipitating a housing and credit bubble, well....there's not much here. He justifies 1998 with some nebulous notion of a "small by real risk" of global malaise. He justifies 2003 as an urgent effort to avert deflation. That's funny, because if the CPI were calculated by the same method as when Greenspan raised rates to combat inflation in 1987, his first action as Chairman, the inflation rate would have been 4%. By "funny", I mean "disingenuous".
In the second half of the book, Greenspan presents his conclusions about the state of the global economy and its future.Read more ›
From the opening pages of Greenspan's introduction we immediately become aware that this book is exceptionally and surprisingly well written, and that Greenspan has somehow managed to coalesce the mountains of knowledge and experiences he has accumulated over some six decades of public life into an imminently accessible and, yes, understandable, text. The book opens up with Greenspan's flight back from Switzerland on 9/11, and the interruption of that flight with the news of what had happened in New York City that day. Greenspan peels back the history and lets us in on his many thoughts as his flight made an emergency return to Zurich, and then, subsequently, during his interactions in the weeks that followed with persons at all levels of the government and the banking system. As he lays out his story, we are introduced to numerous asides which explain to us many aspects of the economic system with which we may not yet fully understand or comprehend, and Greenspan deftly intertwines such didactic content in with these life events in a manner that makes us learn as we go, all the while not even realizing we are being educated as we proceed.Read more ›
Most Recent Customer Reviews
The condition of the book is great! It is as described, and really a bargain for the price. Thanks a lot!Published 6 months ago by Jiayin Hu
Interesting biographical information about a leading economist in recent American history. Greenspan discusses his interactions with five different presidents. Read morePublished 12 months ago by DuMondbj
Good book but he adores himself a lot and some chapters are boring and too longPublished 13 months ago by Juan Pablo Saenz Cuen
It is abundantly clear that this book was written with the express intent of trying to absolve Greenspan for his fault in the crash of 2001 and 2008. Read morePublished 14 months ago by J.I
It's an excellent historical review from Alan Greenspan's point of view in regard to how his job was carried out during his term as director of the Federal Reserve of the USA. Read morePublished 14 months ago by Carlos Diaz-M