The Age of Turbulence

Infobox Book
name = "The Age of Turbulence: Adventures in a New World"


image_caption =
author = Alan Greenspan
country = USA
language = English
subject =
genre =
publisher = Penguin Press
release_date = September 17 2007
media_type = Hardcover
Audiobook
pages = 544 (1st ed.)
isbn = ISBN 978-1594201318 (1st ed., hardcover)

"The Age of Turbulence: Adventures in a New World" (ISBN 1594201315) is the title of the memoir of former Chairman of the Federal Reserve Alan Greenspan, published on September 17, 2007.

"The Age of Turbulence: Adventures in a New World," by Alan Greenspan is two books in one. The first half of this work is an autobiographical chronology of the author's life. This portion of the text permits readers a view of the people and circumstances that helped shape and guide Greenspan. From hours of clarinet and saxophone practice as a child, to living room philosophy with Ayn Rand, his major influences are all detailed.

The second half of the book retells several major economic events (primarily within the U.S.) that have occurred over the past half century. His economic endeavors and personal observations while serving under various U.S. Presidents are detailed, and often inter-mingled with these events. The latter half of the book also includes an analysis and brief history of major global economic constructs (of yesterday and today), along with a somewhat subjective measure of their success (or lack thereof). The economic systems discussed include Marxist Communism, Populism, and various mutations of Market Capitalism.

In Greenspan's view, free market capitalism is the economic approach that "trumps" other forms attempted thus far in human history. His support of Adam Smith's "invisible hand", i.e., people's motivational self-interest, is foundational to his view of creating a successful, growing economy. He discusses the rapid historical growth of the U.S. economy under market capitalism as well as its benefit to foreign adopters, albeit with persistent dis-functions. His support for market capitalism is not without criticism. This includes the anxiety often expressed within a society as "creative destruction" plays out. Greenspan also decries the lack of quality public secondary education for the "masses", particularly in mathematics and the sciences, and how this problem contributes to the divergence of rich and poor within the U.S.

Greenspan's opinion of Presidential economic influence

Greenspan's criticisms of President Bush include his refusal to veto new Federal legislation, thus increasing spending with unprecedented ease. In Greenspan's opinion, Bush's approach to dealing with the congress has been one of "conflict avoidance", and fulfilling political promises/agendas with little room for compromise or reason. [ [http://www.reuters.com/article/wtMostRead/idUKN1420623220070915 Greenspan criticizes Bush policies in memoir | Reuters ] ] Greenspan writes, " [Republicans in Congress] swapped principle for power; they ended up with neither ... they "deserved to lose" the 2006 election. [ [http://online.wsj.com/article/SB118978549183327730.html Greenspan Book Criticizes Bush And Republicans - WSJ.com ] ] Of all the presidents with whom he worked, Greenspan praises Gerald Ford above all others, but also has high praise for Bill Clinton. His opinion of Clinton's governance was one which maintained "a consistent, disciplined focus on long-term economic growth." [ [http://www.nytimes.com/2007/09/15/business/15greenspan.html Former Fed Chief Attacks Bush on Fiscal Role - New York Times ] ]

It is also notable that the book contains numerous photographs of Greenspan with the various Presidents that he has worked with (Nixon, Ford, Reagan, Bush Snr. and Clinton), but only one photograph of George W. Bush.

References