Table Of ContentA 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
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T HE A GE OF T U R B U L E N CE
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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
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THE PENGUIN PRESS
Published by the Penguin Group
Penguin Group (USA) Inc., 375 Hudson Street, New York, New York 10014, U.S.A. Penguin Group
(Canada), 90 Eglinton Avenue East, Suite 700, Toronto, Ontario, Canada M4P 2Y3 (a division of Pearson
Penguin Canada Inc.) Penguin Books Ltd, 80 Strand, London WC2R 0RL, England Penguin Ireland,
25 St. Stephen's Green, Dublin 2, Ireland (a division of Penguin Books Ltd) Penguin Books Australia
Ltd, 250 Camberwell Road, Camberwell, Victoria 3124, Australia (a division of Pearson Australia Group
Pty Ltd) Penguin Books India Pvt Ltd, 11 Community Centre, Panchsheel Park, New Delhi-110 017,
India Penguin Group (NZ), 67 Apollo Drive, Rosedale, North Shore 0745, Auckland, New Zealand
(a division of Pearson New Zealand Ltd.) Penguin Books (South Africa) (Pty) Ltd,
24 Sturdee Avenue, Rosebank, Johannesburg 2196, South Africa
Penguin Books Ltd, Registered Offices:
80 Strand, London WC2R 0RL, England
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
Designed by Amanda Dewey
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FOR MY BELOVED ANDREA
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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
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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
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Description:The Age Of Turbulence is Alan Greenspan’s incomparable reckoning with the contemporary financial world, channeled through his own experiences working in the command room of the global economy longer and with greater effect than any other single living figure. Following the arc of his remarkable li
