The Age of Turbulence

Adventures in a New World

By: Alan Greenspan

Narrated by: Robertson Dean

"This book is in part a detective story. After 9/11 I knew, if I needed further reinforcement, that we are living in a new world - the world of a global capitalist economy that is vastly more flexible, resilient, open, self-correcting, and fast-changing than it was even a quarter century earlier. It's a world that presents us with enormous new possibilities but also enormous new challenges. The Age of Turbulence is my attempt to understand the nature of this new world: how we got here, what we're living through, and what lies over the horizon, for good and for ill. Where possible, I convey my understanding in the context of my own experiences. I do this out of a sense of responsibility to the historical record, and so that listeners will know where I'm coming from.

"The book is therefore divided in halves: the first half is my effort to retrace the arc of my learning curve, and the second half is a more objective effort to use this as the foundation on which to erect a conceptual framework for understanding the new global economy. Along the way I explore critical elements of this emerging global environment: the principles governing it; the vast energy infrastructure that powers it; the global financial imbalances and dramatic shifts in world demographics that threaten it; and, despite its unquestioned success, the chronic concern over the justice of the distribution of its rewards. Finally, I bring together what we can reasonably conjecture about the makeup of the world economy in 2030.

"I don't pretend to know all the answers. But from my vantage point at the Federal Reserve, I had privileged access to the best that had been thought and said on a wide range of subjects. I have not been inhibited in reaching for some fairly sweeping hypotheses."
-Alan Greenspan

©2007 Alan Greenspan (P)2007 Penguin Audio, a member of Penguin Group (USA), Inc.

An excellent listen with a unique point of view

I really enjoyed this book. While Mr. Greenspan is not really a great author, his insight and perspective are unique and clarifying. Mr. Greenspan has strong libertarian tendencies, but demonstrates realism and practicality in his positions. He blasts tax-break and spend republicans just as strongly as tax and spend democrats (if not more so). He provides glimpses into how several recent presidents and their staffs have approached economics and the politics of taxation, interest rates, and spending. Even the personal vignettes were interesting enough. I would recommend this to anyone interested in the politics of US economic policies.

Tripled my understanding of our economy

Never even took economics in school, but Greenspan talks about the economic history of America since he began his career after World War II. Fascinating even if you don't understand it all. Explains how capitalism really works, why it's the best system in the world so far, and what it is that keeps thirdworld countries so destitute (hint: unenforced property rights). The last chapter explains how gross domestic product is increasingly based on intellectual property rights, and what that means for our future.

Brilliant

Elegantly written. All of his assertions about the economy may not be entirely on mark. I mean totally hands off legislative policies and total deregulation are not ideal, because unfettered capitalist will run amok, but the book is totally interesting in the historical context in which it is written. And mostly lassiez faire capitalism is probably the best answer, but not entirely.

It is also an inspiring book. If an average Jewish boy from a lower middle class New York neighborhood can rise to the heights of the most powerful man in banking then anything is possible for anyone, right?

the age of turbulence

Very interesting first half and last few chapters. The middle was better suited for an economist. For a non-economist way over my head.

Economists beware

The narration is excellent. The book is downloadable in three parts. The content is disappointing and a bit smug. Ideal, for anyone who hasn't spent much time studying Economics. Economists can buy it to help them get to sleep.

Greenspan has decided to take many of the headline topics in the history of economic doctrines and couch them in everyday words, reinforcing the concepts by adding his own highly general comments. As one would expect, the poorly read mainstream media has already installed Greenspan as a genius -- a term with which he feels entirely at home. I was astounded at the naivite of his knowledge of modern Economics. For example, he claims he was influenced by H. De Soto when the two met. It was de Soto that led him to think that establishing a dedicated system of property rights could lead to an expansion of wealth in the Third World. But, property rights have been on the table in economics since at least Coase's time in the 1930's and have long been a well known specialty at schools like UCLA, the University of Virginia, and VPI. Giants in economic thought like Buchanan, Tullock,Demsetz, Alchian, and Hirchleifer have always emphasized the essential nature of property rights. I was taught this 30 years ago. How come it took Mr. Greenspan so long to get it?

When he gets to Adam Smith he finds someone worthy of apotheosis. Yet, he misses the most
important part of Smith's analysis -- namely that "free international trade" can expand the scope of the market and allow the otherwise limited division of labor and specialization of industry. R. Coase and G. Stigler have much more penetrating insights into Smith than Mr. Greenspan. But, they didn't serve as the head of the US central bank. They didn't enjoy making routine speeches to jet-setting, caviar filled bellies at Davos.

In summary, I expect the book will be justly panned at our major universities. Mr. Greenspan is in danger of breaking his own arm patting himself on the back.

Great memoir - little insight

I was a little disappointed with Greenspan's efforts as it did not provide nearly as much insight into his and the Fed's thinking and process as was hyped - most of the information he presented is already common knowledge amongst market participants; however, the memoir aspect of how he, the markets and the Fed evolved were very enjoyable.

More than meets the ear

Mr. Greenspan touches issues of such sensitive nature after giving a full history of their origin and evolution. He hints at the source of economic destabilization as the loss of the "invested" base of society - those who save and construct or build wealth. The US savings rate plunged negative for the first time in US history in the post 9/11 era. This loss of economic base has complexed and weakened the economy and made historic economic models invalid. Greenspan addresses the way forward in candid, bold foresight.

Non Partisan Truth

Buy, listen, suggest. He knows more than most of us. I believe him and you should make your own evaluation.

I'm not an economist, but...

Remember the TV commercials in which a brain surgeon would reveal he wasn't really a brain surgeon, but he did stay at a Holiday Inn Express last night? That was my reaction to "The Age of Turbulence". So no, I'm not an economist, but I did read Alan Greenspan's book last night.
Robertson Dean's narration was outstanding as he wove through a deeply detailed insider's history of the economy over the last 30 years. Not surprisingly, Greenspan shares his world view of macroeconomics by connecting many disparate dots to form a coherent view of the modern global economy. For me the book was filled with many "Ah-Ha" moments in which I finally understood the roots of some of the economic issues which shaped my own life. Many of the topics, particularly his predictions on the fate of disinflation were simply fascinating.
By the end of the book, I found almost all of my lay person-level macroeconomic questions answered. As I write this review, in the midst of the September 2008 Wall Street meltdown, I find myself compeltely at ease. Greenspan innoculates the reader with a long-range vision which puts the current irrational fears into perspective. After sitting through Greenspan's tutorial in "Age of Turbulence", you will see events like these for what they are: opportunities.
I was sad to come to the end of this story. I could have listened for twice as long and I hope the maestro thinks about doing another book.

Favorite non-fiction of the year

A great book, covering all sorts of aspects of the global economy, social economics, and human psychology. It's 20 hours but you'll stay enthralled the whole way.