The Age of Turbulence：Adventures in a New World

IntheimmediateaftermathofSeptember11,2001,inhisfourteenthyearasChairmanoftheFederalReserveBoard,AlanGreenspantookpartinaveryquietcollectiveefforttoensurethatAmericadidn'texperienceaneconomicmeltdown,takingtherestoftheworldwithit.Therewasgoodreasontofeartheworst:thestockmarketcrashofOctober1987,hisfirstmajorcrisisasFederalReserveChairman,comingjustweeksafterheassumedcontrol,hadcomemuchcloserthaniseventodaygenerallyknowntofreezingthefinancialsystemandtriggeringagenuinefinancialpanic.Butthemostremarkablethingthathappenedtotheeconomyafter9/11was...nothing.Whatinanearlierdaywouldhavemeantacripplingshocktothesystemwasabsorbedastonishinglyquickly.After9/11AlanGreenspanknew,ifheneededanyfurtherreinforcement,thatwe'relivinginanewworld-theworldofaglobalcapitalisteconomythatisvastlymoreflexible,resilient,open,self-directing,andfast-changingthanitwaseven20yearsago.It'saworldthatpresentsuswithenormousnewpossibilitiesbutalsoenormousnewchallenges.TheAgeofTurbulenceisAlanGreenspan'sincomparablereckoningwiththenatureofthisnewworld-howwegothere,whatwe'relivingthrough,andwhatliesoverthehorizon,forgoodandforill-channeledthroughhisownexperiencesworkinginthecommandroomoftheglobaleconomyforlongerandwithgreatereffectthananyothersinglelivingfigure.HebeginshisaccountonthatSeptember11thmorning,butthenleapsbacktohischildhood,andfollowsthearcofhisremarkablelife'sjourneythroughtohismorethan18-yeartenureasChairmanoftheFederalReserveBoard,from1987to2006,duringatimeoftransformingchange.AlanGreenspansharesthestoryofhislifefirstsimplywithaneyetowarddoingjusticetotheextraordinaryamountofhistoryhehasexperiencedandshaped.Buthisothergoalistodrawreadersalongthesamelearningcurvehefollowed,sotheyaccrueagraspofhisownunderstandingoftheunderlyingdynamicsthatdriveworldevents.Inthesecondhalfofthebook,havingbroughtustothepresentandarmeduswiththeconceptualtoolstofollowhimforward,Dr.Greenspanembarksonamagnificenttourdehorizonoftheglobaleconomy.Herevealstheuniversalsofeconomicgrowth,delvesintothespecificfactsonthegroundineachofthemajorcountriesandregionsoftheworld,andexplainswhatthetrend-linesofglobalizationarefromhere.Thedistillationofalife'sworthofwisdomandinsightintoanelegantexpressionofacoherentworldview,TheAgeofTurbulencewillstandasAlanGreenspan'spersonalandintellectuallegacy.作者简介：AlanGreenspanwasborninI926andrearedintheWashingtonHeightsneighborhoodofNewYorkCity.AfterstudyingtheclarinetatJuilliardandworkingasaprofessionalmusician,heearnedhisB.A.,M.A.,andPh.D.ineconomicsfromNewyorkUniver-sity.InI954,hecofoundedtheeconomicconsult-ingfiromTownsend-Greenspan&Co.FromI974toI977,heservedaschairoftheCouncilofEco-nomicAdvisorsunderPresidentGeraldFord.InI987,PresidentRonaldReaganappointedhimchairmanoftheFederalReserveBoard,apositionhehelduntilhisretirementin2006.