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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 life’s journey through his more than eighteen-year tenure as chairman of the Federal Reserve Board to the present, in the second half of The Age of Turbulence Dr. Greenspan embarks on a magnificent tour d’horizon of the global economy. The distillation of a life’s worth of wisdom and insight into an elegant expression of a coherent worldview, The Age of Turbulence will stand as Alan Greenspan’s personal and intellectual legacy.

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America was targeted for attack because we're the brightest beacon for freedom and opportunity in the world,And no one will keep that light from shining.

Many of the huge challenges China's reformers face

are well known: the reactionary old guard; the vast rural population that

is to date barely sharing in the boom and is with modest exceptions forbidden

to migrate to cities; the huge remaining chunks of the Soviet-style

command economy, including still-bloated, inefficient state-owned enterprises;

the largely struggling banking system that serves those enterprises;

the lack of modern financial and accounting expertise; corruption, the almost

necessary by-product of any pyramidal power structure based on discretion;

and finally, lack of political freedom, which may not be needed for

markets to function in the short run, but is an important safety valve for

public distress about injustice and inequity.

All people appear motivated by an inbred striving for self-esteem that is in large part fostered by the approval of others. That striving determines much of what households spend their money on. It will also continue to induce people to work in plants and offices side by side, even though they will soon have the technical capability of contributing in isolation through cyberspace. People have an inbred need to interact with other people. It is essential if we are to receive their approval, which we all seek. The true hermit is a rare aberration.

Instead of reading Gone with the Wind, I was happy to immerse myself in "Copper Ore Deposits in Chile"

"Creative destruction" is an idea that was articulated by the Harvard economist Joseph Schumpeter in 1942. Like many powerful ideas, his is simple: A market economy will incessantly revitalize itself from within by scrapping old and failing businesses and then reallocating resources to newer, more productive ones.

ment of the microprocessor,and when fiber optics combined with lasersand satellites revolutionized communications capacities,people from Pe-kin,Illinois,to Peking,China,saw their lives change.A large percentage ofthe world's population gained access to technologies that I,in setting outon my long career in 1948,could not have imagined,except in the con-text of science fiction.These new technologies not only opened up a whole

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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 life’s journey through his more than eighteen-year tenure as chairman of the Federal Reserve Board to the present, in the second half of The Age of Turbulence Dr. Greenspan embarks on a magnificent tour d’horizon of the global economy. The distillation of a life’s worth of wisdom and insight into an elegant expression of a coherent worldview, The Age of Turbulence will stand as Alan Greenspan’s personal and intellectual legacy.