The Age of Turbulence

The Age of Turbulence – Alan Greenspan

For more than eighteen years, Alan Greenspan served as chairman of the US Federal Reserve, overseeing American monetary policy through stock market crashes, recessions, booms, the dot-com bubble and the aftermath of the September 11 attacks. In The Age of Turbulence: Adventures in a New World, he reflects on his life and on the forces shaping the global economy.

The first part of the book is a memoir. Greenspan describes growing up in New York, his early career as a jazz musician, his studies in economics, his time in the circle of the writer Ayn Rand, his work as an economic consultant and his service in the administrations of several presidents before his appointment to the Fed in 1987. He offers his perspective on key decisions he made and on the people he worked with.

The second part turns to analysis. Greenspan examines the global economy, the spread of market capitalism, globalization, the economies of countries such as China, India and Russia, the role of energy, demographic change, income inequality and the long-term challenges facing the United States and the world.

Written with clarity and insight, the book provides a valuable view of economic history from one of the most influential policymakers of the late twentieth century. It was published shortly before the 2008 financial crisis, which adds context to its observations.

The Age of Turbulence is a fascinating read for anyone interested in economics, finance, politics and history.