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| The Age of Turbulence: Adventures in a New World | 
 enlarge | Author: Alan Greenspan
Publisher: Allen Lane
Category: Book
List Price: £25.00
Buy Used: £8.50
You Save: £16.50 (66%)
New (33) from £12.00
Avg. Customer Rating:  11 reviews
Sales Rank: 36731
Media: Hardcover
Pages: 544
Shipping Weight (lbs): 2.2
Dimensions (in): 9.3 x 6.2 x 2.1
ISBN: 0713999829
EAN: 9780713999822
ASIN: 0713999829
Publication Date: September 17, 2007
Availability: Usually dispatched within 1-2 business days
Condition: ex library copy - some marking from removal of slip on inside front cover but otherwise excellent copy complete with dj
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| Customer Reviews:
 It is an old fashioned view on the economy December 27, 2007
6 out of 10 found this review helpful
This book is a mixture of economic and political history of the past in the United States of America. The political view begins with his beginning in the Ford Administration. He shows the earlier time as a consultant with his partner Townsend. It collects the political era of the presidents who follows. His aim is to show the new economy which is represented after the Millennium. The first part of the book focuses on the political economy decisions of the administration in power and what he contributes to the government. This part is a brief roundup and a description of the economic and political process. It is scattered with his personal thing. The person is taken to the background. But you didn't get something known about Alan Greenspan.
The second part is about his new economy. What is new in his economy? He depends on the invisible hand theorem of Adam Smith and the creative destruction principle of Joseph Schumpeter. His view on Europe is totally wrong. He doesn't see that another form of capitalism is an efficient one, like it is in his chapter about china. The new form of capitalism which was introduced in Europe is based on the values of the competition in a social free market economy. Distribution of income, leaving the poor behind, these are problem witch must be faced by the government. It is in every country a different solution. The American way of capitalism is on of a kind. The social insurance system is by far better matched in Europe. His macroeconomic analysis is based on John Maynard Keynes. Like, had a change on interest rates an effect on the inflation rate or had it an effect on growth. This is not a modern approach to a new economy. He believes in the neo-classical market economy. But the new economy is based on a more modern way. The new economy is based on game theoretic bargaining, behavioural finance and psychological aspects on the homo oeconomicus. The new economy is more influenced by the economics of the status quo and the economics of the stakeholders on political decision making. The last point had a strong influence on voting system in the United States. I'm missing the focus on the money market. I want to have an insight on the decisions of the Federal Reserve Bank. The connections between the banking system, financial markets and his job as the chairman.
The book is easily read but it is still boring. You can get a better view of the economic development from the book by Daniel Yergin and Joseph Stanislaw. The book is for the people who have nothing to do with business in her private life. For the persons who follow the daily press and read the financial news, it is a book witch can be laid aside.
 An Economic Masterpiece! December 4, 2007
1 out of 1 found this review helpful
"Creative destruction" for other economic writers... in general terms a friendly book that goes from Greenspan's early years to a bold forecast of how the economic world will look towards 2030, of course, passing through other 23 chapters (25 in total) of all of his (personal and professional) experiences as a musician, an economics entrepreneur, a political advisor, even a philosopher! His review of international economics is breathtaking... his remarks on what he considers the 3 essential aspects of global growth in any given country enlightening (1. Extent of competition and openess to trade. 2. Quality of institutions and 3. Success of economic policies). 505 pages of "creative destruction" you cannot afford not to read...
 An interesting and timely book! November 23, 2007
6 out of 7 found this review helpful
Greenspan calls 'The Age of Turbulence' a 'psychoanalysis of himself.' It begins (first half) with his early life, describing the events that provided his learning experiences (including his desire to become a baseball player, then a jazz musician), and then goes to his life of implementing those lessons. Undoubtedly the most interesting material included Greenspan's evaluations of the Presidents he had worked with. His observations were not the platitudes one might have expected. 'Nixon was very smart, paranoid,' and was an equal-opportunity disparager of all ethnic groups. Ford was the most normal, and sometimes looked past politics to focus on the ethics of an issue. Reagan's ability to spout seemingless endless one-liners and stories was an 'odd form of intelligence,' according to Greenspan.
Greenspan felt his relationship with Bush I was a disaster, with the President eventually blaming Greenspan for his losing the election to Clinton. Clinton, however, was most like a soul-mate to Greenspan - very intelligent, and one constantly working to soak up knowledge and understanding. Greenspan also labeled Clinton's '93 economic plan that focused on reducing the deficit as an 'act of political courage.' Finally, Greenspan's assessment of Bush II was that he was incurious about the effects of his own economic policy, and that Greenspan's biggest frustration with Bush II was his failure to veto any spending bills. Greenspan was told that Bush thought he could better control Speaker Hastert and Whip Delay by signing the spending bills they, however, were never reticent to spend more money to help assure more Republican congressmen.
Greenspan also added that he disagreed with Bush II's supply-side economic thinking, and that his endorsement of 'A' tax cut during 2001 was just that - not an endorsement of Bush's plan. Another problem was that the plan had no adjustment mechanism in the event assumptions did not pan out and the deficit began to rear up again. On the other hand, Greenspan does not tell the whole story. According to Paul Krugman (New York Times, 9/17/07), he could have clarified himself a few weeks later when he appeared before a Senate committee on the same topic and evaded questions on whether the proposed tax cuts were too large. Two years later when more cuts were proposed, Greenspan did not object, and in 2004 he expressed support for making the Bush cuts permanent - accompanied by cuts in Social Security beneifts that he assured Congress in 2001 would not be threatened by the cuts.
The most incendiary comment in the book was clearly Greenspan's conclusion that the Iraq War II was all about oil. However, Greenspan is now 'clarifying' his statement to Greenspan having told the White House that removing Saddam was 'essential' to secure world oil supplies, and now stating (Washington Post interview, 9/17/07) that securing global oil supplies was 'not the administration's motive.' Greenspan was initially elated when Bush II won, and brought in his old friends Cheney and Rumsfeld. However, he noted that 'they changed,' and that he did not agree with Cheney's 'deficit's don't matter.' There also seemed to be little value placed on rigorous economic policy debate or weighing long-term policy consequences - policy-making was firmly in the hands of White House staff (Rove, et al).
A result was that Bush II's first two Treasury Secretaries (O-Neill, Snow) were essentially powerless. Summarizing, Greenspan saw the Republicans in '04 as having swapped principle for power, ending up with neither, and deserving to lose in '06. The 'good news' was that they did not try to interfere with monetary policy. Greenspan has come under increasing criticism himself for the current housing collapse and preceding bubble. His defense, in 'The Age of Turbulence,' was that the risk of broadening home ownership was worth the risk, that he didn't realize shady practices had grown so prevalent, and had tried raising mortgage rates in '04 and '05 by hiking rates on ten-year Federal notes (no impact). Finally, looking to the future, Greenspan sees a need to raise taxes on energy to encourage conservation, and a risk of increased inflation - already prices are rising in China. As for ethanol, even if all U.S. corn was converted to ethanol, it would only provide less than 20% of our current oil usage!!! I would also recommend, if you missed reading Tino Georgiou's masterpiece--The Fates--go and read it.
Surprisingly good November 17, 2007
8 out of 11 found this review helpful
Alan Greenspan was an icon amongst central Bankers. During his tenor he mastered quite a few major upheavals including the 1987 stock market crash, 1989, 9/11, to name but a few. With his cryptic style of commenting on the US economy he single-handedly created the `what did Alan Greenspan say and what did he mean by that' industry.
In this book you will find very few cryptic remarks. Instead it is written in an understandable style, which is not normally associated with members of the banking profession.
The book comes in two parts. In Part One (chapters 1 to 11), Mr. Greenspan recounts his life from birth right through to the end of his tenor as the Fed's Chairman in 2006. His early years are dealt with rather quickly. The more interesting bit starts in the 1950's as Greenspan starts his career as an analyst. At that point the books is no longer really a memoir but a course in American economic history. I also liked his observations and opinions on all US Presidents from Nixon to the present occupant of the White House.
Part Two (chapters 12 to 25) are a collection of Mr. Greenspan's thoughts on various aspects of the world economy. In detail, he covers virtually all important economic powers and regions in the world telling us how their economic growth has been driven in the past and what they must do in future to ensure increasing prosperity. Many a politician would be well advised to take note of what Mr. Greenspan has to say, but there is scant chance of that happening.
He also covers the debt markets, globalisation and regulation, equality, pensions, corporate governance and the energy squeeze.
Finally, Mr. Greenspan looks into the future of the US economy and other major global players. The title of his book gives us an idea as to what might be in store for us.
This is an excellent book although I personally prefer the second part over the first part. This is not a book for economic addicts, but it is for everyone with an interest in economic matters.
A book of two halves November 5, 2007
7 out of 10 found this review helpful
The first half of the book is an autobiography and all that one might expect for one of the great economists/financial gurus of the 20th and 21st century. It is also a history lesson on some 60 years of financial and economic process and observation more or less told from the inside. That makes it totally unique. In short the first half of the book is a gripping, absorbing and fascinating read.
The second half of this book is far less readable as a multi-part economics lecture (really for economics addicts only). Nonetheless I am sure is of very high quality but of which I, and I suspect many readers, will not have the patience or be able to sustain the interest levels to be able to read it.
For that reason there is no real ending to the autobiograpihical part which simply peters out with little satisfaction for the reader.
However that is no reason not to read this book which I would say was essential reading for anyone who reads the Wall Street Journal or Financial Times regularly. It is also very enjoyable (the first half anyway).
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