Alan Greenspan

571 Pages·2007·4.76 MB·English

A l an
G r e e n s p an
THE A GE OF T U R B U L E N CE
A D V E N T U R ES IN A N EW W O R LD

T HE A GE OF T U R B U L E N CE

A L AN
GREENSPAN
THE AGE OF
T U R B U L E N CE
A D V E N T U R ES IN A N EW W O R LD
THE P E N G U IN PRESS NEW YORK 2 0 07
THE PENGUIN PRESS
Published by the Penguin Group
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First published in 2007 by The Penguin Press,
a member of Penguin Group (USA) Inc.
Copyright © Alan Greenspan, 2007
All rights reserved
Library of Congress Cataloging-in-Publication Data
Greenspan, Alan, 1926-
The age of turbulence : adventures in a new world / by Alan Greenspan.
p. cm.
Includes bibliographical references and index.
ISBN: 1-4295-4652-2
1. Greenspan, Alan, 1926- 2. Government economists—United States—Biography.
3. United States—Economic conditions—1945- I.Title
HB119.G74A3 2007
332.1'1092—dc22
[B]
2007013169
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FOR MY BELOVED ANDREA

C O N T E N TS
Introduction
1. CITY K ID 19
2. THE MAKING OF AN ECONOMIST 3S
3. E C O N O M I CS M E E TS P O L I T I CS S4
4. PRIVATE C I T I Z EN 77
5. BLACK M O N D AY 100
P H O T O G R A P H IC INSERT 1
6. T HE FALL OF T HE W A LL 12
7. A DEMOCRAT'S AGENDA 142
8. I R R A T I O N AL E X U B E R A N CE 164
9. M I L L E N N I UM FEVER 182
10. DOWNTURN 206
11. THE NATION CHALLENGED 226
12. THE UNIVERSALS OF ECONOMIC G R O W TH 249
13. THE M O D ES OF CAPITALISM 267
PHOTOGRAPHIC INSERT 2
14. THE CHOICES THAT A W A IT C H I NA 294
15. THE TIGERS A ND THE ELEPHANT 311
16. RUSSIA'S SHARP ELBOWS 323
17. LATIN AMERICA A ND POPULISM 334
18. CURRENT ACCOUNTS A ND DEBT 346
19. GLOBALIZATION A ND REGULATION 363
20. THE " C O N U N D R U M" 377
21. EDUCATION A ND INCOME INEQUALITY 392
22. THE W O R LD RETIRES.BUT CAN I T A F F O R D T O? 409
23. CORPORATE GOVERNANCE 423
24. THE LONG-TERM ENERGY SQUEEZE 437
25. THE DELPHIC FUTURE 464
Acknowledgments 506
A Note on Sources 508
Index 513