The Age of Turbulence: Adventures in a New World
  • The Age of Turbulence: Adventures in a New World
  • The Age of Turbulence: Adventures in a New World
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The Age of Turbulence: Adventures in a New World

by Alan Greenspan
     
 

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In the immediate aftermath of September 11, 2001, in his fourteenth year as Chairman of the Federal Reserve Board, Alan Greenspan took part in a very quiet collective effort to ensure that America didn't experience an economic meltdown, taking the rest of the world with it. There was good reason to fear the worst: the stock market crash of October 1987, his

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Overview

In the immediate aftermath of September 11, 2001, in his fourteenth year as Chairman of the Federal Reserve Board, Alan Greenspan took part in a very quiet collective effort to ensure that America didn't experience an economic meltdown, taking the rest of the world with it. There was good reason to fear the worst: the stock market crash of October 1987, his first major crisis as Federal Reserve Chairman, coming just weeks after he assumed control, had come much closer than is even today generally known to freezing the financial system and triggering a genuine financial panic. But the most remarkable thing that happened to the economy after 9/11 was...nothing. What in an earlier day would have meant a crippling shock to the system was absorbed astonishingly quickly.

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.

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Editorial Reviews

When Alan Greenspan speaks, the entire world listens. During his 18-year tenure (1987-2006) as Federal Reserve Board chairman, he presided over the American economy; but even after he left that job, his influence remained. When he forecast a U.S. recession in early 2007, stock markets responded with their biggest one-day drop since 9/11. We expect that money watchers will be equally attentive to the nuances of this detailed (640-page) memoir of his astonishing career.
Michael Kinsley
Not only can Greenspan discourse lucidly on economic matters, but he has also written the most unexpectedly charming Washington insider memoir since Katharine Graham's a decade ago. The books are very different. The charm of Graham's was its frankness. The publisher of The Washington Post dished and dissed, starting with her mother. Greenspan is the soul of tact. Far too many people are labeled as his "friend." Even the mildest criticism is prefaced by a statement of high regard and/or followed by an expression of regret. He doesn't lay a glove on his mother. The charm of Greenspan's book is its self-portrait.
—The New York Times
Sebastian Mallaby
Greenspan's political memoir, which occupies the first half of the book, is readable, lucid and sometimes a bit thin on the dilemmas of monetary policy. In the book's second half, Greenspan the charmer makes way for Greenspan the technician, and the result is a 250-page essay on globalization. His overviews of Russia, India and China say little that is not familiar to attentive readers of the news. But the last chapter makes a powerful and remarkably self-deprecating point. Readers who persevere will feel rewarded.
—The Washington Post
Michael Mandel
Most people will read Greenspan's book for the shock value of his attack on Republicans. But they also will find that Greenspan's well-informed musings offer much more food for thought than the usual government official memoir.
—BusinessWeek

Product Details

ISBN-13:
9781594201318
Publisher:
Penguin Publishing Group
Publication date:
09/17/2007
Pages:
544
Sales rank:
1,445,103
Product dimensions:
6.50(w) x 9.50(h) x 1.75(d)
Age Range:
18 - 17 Years

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Meet the Author

Alan Greenspan was born in 1926 and reared in the Washington Heights neighborhood of New York City. After studying the clarinet at Juilliard and working as a professional musician, he earned his B.A., M.A., and Ph.D. in economics from New York University. In 1954, he cofounded the economic consulting firm Townsend-Greenspan & Co. From 1974 to 1977, he served as chair of the Council of Economic Advisors under President Gerald Ford. In 1987, President Ronald Reagan appointed him chairman of the Federal Reserve Board, a position he held until his retirement in 2006. He is the author of the number one New York Times bestseller The Age of Turbulence.

Brief Biography

Hometown:
New York, NY
Date of Birth:
March 6, 1926
Place of Birth:
New York, NY
Education:
B.A., M.A., and Ph.D. in Economics from New York University

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