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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.
Alan Greenspan's The Age of Turbulence is the essential guide to
what is happening in the world, and where we're heading, from the
ultimate expert. Alan Greenspan wielded more power than the
presidents he worked for, from Ronald Reagan and Bill Clinton to
George Bush and his son. He was in the command room of the world
economy for longer than any other single figure. One word from him
could send markets into freefall. Now Alan Greenspan, the legendary
former chairman of the Federal Reserve, gives us a unique insider's
view of the world over his lifetime, from stock market exuberance
to political turmoil - and his predictions for the future of our
fast-changing, increasingly turbulent global economy. 'First rate
... [The Age of Turbulence] is intelligent in a way that few
popular books on economics manage or even try to be ... An
enjoyable read' Economist 'With his book, [Greenspan] finally lets
us know what he's thinking ... surprisingly frank ... downright
entertaining' David Leonhardt, The New York Times '[Readers] will
find that Greenspan's well-informed musings offer much more food
for thought than the usual Washington memoir' BusinessWeek Alan
Greenspan (b.1926) earned his B.A., M.A. and Ph.D. in Economics
from New York University. In 1954, he co-founded the economic
consulting firm Townsend-Greenspan & Co. From 1974 to 1977, he
served as Chair of the Council of Economic Advisers under President
Gerald Ford. In 1987, President Ronald Reagan appointed him
Chairman of the Federal Reserve Board, a position he held until his
retirement in 2006.
The foundations of capitalism are being battered by a flood of altruism, which is the cause of the modern world's collapse. This is the view of Ayn Rand, a view so radically opposed to prevailing attitudes that it constitutes a major philosophic revolution. In this series of essays, she presents her stand on the persecution of big business, the causes of war, the default of conservatism, and the evils of altruism. Here is a challenging new look at modern society by one of the most provocative intellectuals on the American scene. This edition includes two articles by Ayn Rand which did not appear in the hardcover edition: The Wreckage of the Consensus," which presents the Objectivists views on Vietnam and the draft; and Requiem for Man," an answer to the Papal encyclical Progresso Populorum.
Shortlisted for the FT & McKinsey Business Book of the Year
2018 'An inspiring, rip-roaring read - like the astonishing story
it describes' Liam Halligan, Daily Telegraph Where does prosperity
come from, and how does it spread through a society? What role does
innovation play in creating prosperity and why do some eras see the
fruits of innovation spread more democratically, and others,
including our own, find the opposite? In Capitalism in America,
Alan Greenspan, legendary Chair of the Federal Reserve, distils a
lifetime of grappling with these questions into a profound
assessment of the decisive drivers of the US economy over the
course of its history. In partnership with Economist journalist and
historian Adrian Wooldridge, he unfolds a tale of vast landscapes,
titanic figures and triumphant breakthroughs as well as terrible
moral failings. Every crucial American economic debate is here -
from the role of slavery in the antebellum Southern economy to
America's violent swings in its openness to global trade. At heart,
the authors argue, America's genius has been its enthusiasm for the
effects of creative destruction, the ceaseless churn of the old
giving way to the new. Although messy and painful, it has lifted
the overwhelming majority of Americans to standards of living
unimaginable even a few generations past. At a time when
productivity has again stalled, stirring populist furies, and the
continuing of American pre-eminence seems uncertain, Capitalism in
America explains why America has worked so successfully in the past
and been such a gigantic engine of economic growth.
Like all of us, though few so visibly, Alan Greenspan was forced by
the financial crisis of 2008 to question some fundamental
assumptions about risk management and economic forecasting. How had
our models so utterly failed us? Virtually every day, we make
wagers on the future - but, even when we're not driven by factors
entirely beyond our conscious control, the maps by which we are
steering are often out-of-date. The Map and the Territory is an
important attempt to update our forecasting conceptual grid using
twenty-first-century technologies, offering a lucid and empirical
grounding in what we can know about economic forecasting and what
we can't.
This paper offers a new framework for analyzing aggregate sales of
new motor vehicles that incorporates separate models for the change
in the vehicle stock and for the rate of vehicle scrappage. Because
this approach requires only a minimal set of assumptions about
demographic trends, the state of the economy, consumer
"preferences," new vehicle prices and repair costs, and vehicle
retirements, it is shown to be especially useful as a macroeconomic
forecasting tool. In addition, a new historical annual time series
estimate of motor vehicle stocks in the United States is presented.
Few economic issues have such far-reaching implications as
excessive government budget deficits and debt. It is almost
universally agreed that fiscal imbalances retard economic growth,
impose heavy burdens on future generations, and heighten the risk
of financial market disruption. It is also agreed, however, that
correcting such imbalances is a difficult task. Around the world,
countries are attempting to address the problem of excessive
deficits and debt. This issue is at the core of many political and
economic debates. To gain a better understanding of the problem and
to consider potential solutions, the Federal Reserve Bank of Kansas
City sponsored a symposium on Budget Deficits and Debt: Issues and
Options at Jackson Hole, Wyoming, on August 31-September 2, 1995. A
distinguished group of central bankers, finance ministers,
academics, and financial market representatives shared their views
and research results on this vital topic. The opening remarks are
by Alan Greenspan, Chairman of the Board of Governors of the
Federal Reserve System.
One of the most difficult challenges facing central banks is how to
conduct monetary policy in an uncertain economic environment. This
challenge is magnified when ongoing changes in the structure of the
economy make economic models and forecasts less reliable. How
should policymakers act in an environment of increased uncertainty?
Should they be more cautious and wait for additional information
about the economy that might reduce uncertainty? Or, should they
react more aggressively in an attempt to keep the economy on
course? In designing monetary policy in an uncertain world, how
much should policymakers depend on formal rules, and how much
should they rely on judgment? To address these questions, the
Federal Reserve Bank of Kansas City sponsored a symposium, titled,
"Monetary Policy and Uncertainty: Adapting to a Changing Economy,"
at Jackson Hole, Wyoming, on August 28-30, 2003. The symposium
brought together a distinguished group of central bank officials,
academic economists, and business economists to discuss and debate
these issues. Over the years, the Jackson Hole symposium has
provided a forum for the exchange of ideas on important public
policy issues of interest to central banks around the world. Its
continuing success is due to the contributions of all those who
participate, including authors, discussants, panelists, and
audience members. Special thanks also go to Craig Hakkio, Gordon
Sellon, and other members of the Bank's Research Division who
developed this year's program. Thomas M. Hoenig President and Chief
Executive Officer Federal Reserve Bank of Kansas City
For some time, the use of monetary and fiscal policies to smooth
business cycle fluctuations has taken a back seat to longer-term
objectives of restoring price stability and fiscal balance. Many
policymakers and academic economists have held the view that fiscal
policy had little or no short-run stabilization role and that
monetary policy should give priority to maintaining price
stability. More recently, however, weaker economic performance in
some of the world's economies, most notably in Japan and the United
States, has led to renewed interest in the use of short-run
stabilization policy. The Federal Reserve Bank of Kansas City
sponsored a symposium, "Rethinking Stabilization Policy," at
Jackson Hole, Wyoming, on August 29-31, 2002. The symposium brought
together a distinguished group of central bank officials, academic
economists, and business economists to discuss the potential scope
for stabilization policy in today's new environment. Our goal for
this symposium was straight-forward, although hardly simple. It was
to provide a forum to discuss the roles of monetary and fiscal
stabilization policies, their effectiveness, and their limitations.
And finally, so as not to lose sight of a consensus from earlier
meetings, we analyzed these stabilization policies' compatibility
with long-run price stability and fiscal sustainability, which are
critical to the success of any economy - industrial or emerging.
Thomas M. Hoenig President Federal Reserve Bank of Kansas City
The economies of the industrialized counties are being reshaped by
the rapid development and diffusion of advanced information and
communications technologies. Access to information is
unprecedented, and the ability to process and exchange information
has helped businesses increase efficiency and households raise
their standards of living. There has been considerable agreement as
to the broad features of the emerging information economy. But
there has been less consensus on the likely magnitude and
significance of the economic effects or on the important policy
issues raised by these developments. The Federal Reserve Bank of
Kansas City sponsored a symposium, "Economic Policy for the
Information Economy," at Jackson Hole, Wyoming, on August 30 -
September 1, 2001. The symposium brought together a distinguished
group of central bankers, academics, and financial market experts
to examine how the information economy will alter the structure of
economic activity. The symposium also served as a forum for
addressing key policy challenges resulting from the information age
changing the microeconomic and macroeconomic structure of the U.S.
and foreign economies. We hope these proceedings will contribute to
a better understanding of how the information economy will alter
the structure of economic activity. Thomas M. Hoenig President
Federal Reserve Bank of Kansas City
How does globalisation affect our economy and how did it cause the
financial melt-down? In this unique book twelve global thinkers and
business people, including global entrepreneur Richard Branson
("Losing My Viriginity"), give their compelling views on the
threats and opportunities that lie ahead. Included among the
contributors are Jim O'Neill head of Goldman Sachs research who
coined the phrase BRIC (Brazil, Russia, India, China) countries;
Peter Jones of BBC Draggon's Den; and, Minister for Business Lord
Mandelson, Clare Short, alternative globalisation expert and
eco-feminist Vandana Shiva (Earth Democracy), and 2006 Nobel Prize
Winner Muhammad Yunus (Banker to the Poor).
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