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Paper Topic:

Alan Greenspan: The Age of Turbulence

Alan Greenspan : The Age of Turbulence

Alan Greenspan published The Age of Turbulence : Adventures in a New World ' on September 17 , 2007 and the first half of the work is an autobiographical chronology of his life . It gives readers a chance to view the people and circumstances that can help and guide Greenspan as he grew up . The second half of the book states the major economic events that have occurred over the past half century . He details his life under different U .S . Presidents as well as economic systems including the

Marxist Communism , Populism , as well as Market Capitalism

According to Greenspan , free market capitalism is the economic approach that will trump other approaches . Based on Adam Smith 's `invisible hand which is the people 's motivational self-interest which is important in his view of building a successful economy . In the book he discusses the fast historical growth of the U .S . economy under the market capitalism as well as its benefit to the other foreigners . Interspersed in the material is Greenspan 's lack of quality public secondary education for the masses especially in the field of sciences and mathematics and it role in the divergence of rich and poor in the U .S

Greenspan hits hard as he criticizes President Bush , VP Cheney and Republican-controlled Congress for abandoning the traditional tenets of fiscal discipline . Included in his argument is the President 's refusal to veto new Federal legislation which increases the spending easily According to him , Bush approach has been one of conflict avoidance and attending to political agendas leaving no room for reason . It is President Gerald Ford whom he praises above all the other presidents including former President Clinton calling his governance as characterized as a consistent disciplined focus on long-term economic growth ' Even at the age of 81 , Greenspan has strong opinions about several issues and is saddened that it is politically difficult to admit that in truth , the Iraq war is mainly about oil . His comments about the war can be shocking as he reveals that there could be about 1 .2 million people could have died because of this conflict in Iraq

According to a Washington Post columnist , people will most likely agree that Greenspan 's greatest contribution is that of the policy maker who through the power of his office , the force of his intellect , and the cunning behind-the-scenes maneuvering , engineered the wholesale deregulation of the US banking and financial system . With regard to legacy , his most important legacy is that of making the US economy more prone to asset bubbles , corporate scandals and financial crises but robust enough to absorb such shocks while continuing to deliver long-term economic growth (Pearlstein , 2006 ,

. D01

He was elected to third consecutive term in 1996 . One of the highlights of this term is said to be the crucial role he played during the financial crisis that hit Asia and Russia . With the world financial system under threat , Greenspan is said to have gone against...

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