From the legendary former Fed Chairman and the acclaimed Economist
writer and historian, the full, epic story of America's evolution
from a small patchwork of threadbare colonies to the most powerful
engine of wealth and innovation the world has ever seen.
Shortlisted for the 2018 Financial Times and McKinsey Business Book
of the Year Award From even the start of his fabled career, Alan
Greenspan was duly famous for his deep understanding of even the
most arcane corners of the American economy, and his restless
curiosity to know even more. To the extent possible, he has made a
science of understanding how the US economy works almost as a
living organism--how it grows and changes, surges and stalls. He
has made a particular study of the question of productivity growth,
at the heart of which is the riddle of innovation. Where does
innovation come from, and how does it spread through a society? And
why do some eras see the fruits of innovation spread more
democratically, and others, including our own, see the opposite? In
Capitalism in America, Greenspan distills a lifetime of grappling
with these questions into a thrilling and profound master reckoning
with the decisive drivers of the US economy over the course of its
history. In partnership with the celebrated Economist journalist
and historian Adrian Wooldridge, he unfolds a tale involving vast
landscapes, titanic figures, triumphant breakthroughs,
enlightenment ideals as well as terrible moral failings. Every
crucial debate is here--from the role of slavery in the antebellum
Southern economy to the real impact of FDR's New Deal to America's
violent mood swings in its openness to global trade and its impact.
But to read Capitalism in America is above all to be stirred deeply
by the extraordinary productive energies unleashed by millions of
ordinary Americans that have driven this country to unprecedented
heights of power and prosperity. At heart, the authors argue,
America's genius has been its unique tolerance for the effects of
creative destruction, the ceaseless churn of the old giving way to
the new, driven by new people and new ideas. Often messy and
painful, creative destruction has also lifted almost all Americans
to standards of living unimaginable to even the wealthiest citizens
of the world a few generations past. A sense of justice and human
decency demands that those who bear the brunt of the pain of change
be protected, but America has always accepted more pain for more
gain, and its vaunted rise cannot otherwise be understood, or its
challenges faced, without recognizing this legacy. For now, in our
time, productivity growth has stalled again, stirring up the
populist furies. There's no better moment to apply the lessons of
history to the most pressing question we face, that of whether the
United States will preserve its preeminence, or see its leadership
pass to other, inevitably less democratic powers.
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