Recommended by: Mbi Tabetando, Senior Financial Consultant, Principal Financial Group

Alan Greenspan was Chairman of the Federal Reserve board during perhaps the most turbulent economic times ever faced by the United States. At 61, he is widely regarded as master of the financial universe, and shares the story of his life and career in this book.

Greenspan himself writes, "After a lifetime observing how the world works as a business economist on Wall Street, it was exhilarating to be at the center of international monetary policy making. Sure, I'd been President Ford's White House economic advisor in the mid-1970s, but nothing fully prepared me for what I faced when President Reagan nominated me Fed Chairman in June 1987."

This book is really two books in one. The first half of this work is an autobiographical chronology of the author's life, giving readers a view of the people and circumstances that helped shape and guide Greenspan, from hours of clarinet and saxophone practice as a child, to attending philosophical discussions in Ayn Rand's living room.

The second half of the book gives Greenspan's perspectives on major economic events (primarily within the U.S.) that have occurred over the past half century, such as:

• The Black Monday stock market crash of October 1987
• The Asian financial crisis
• The September 11 attack

His economic endeavors and personal observations while serving under various U.S. Presidents are detailed, and often inter-mingled with these events. 

He details his first major crisis as Federal Reserve Chairman, coming just weeks after he assumed control and he outlines how the country had come much closer, than is even today generally known, to freezing the financial system and triggering a genuine financial panic.

The second half also includes an analysis and brief history of major global economic constructs (of yesterday and today), along with a somewhat subjective measure of their success (or lack thereof). The economic systems discussed include Marxist Communism, Populism, and various mutations of Market Capitalism. His overviews of Russia, India and China would intrigue those who are keen in understanding how these new economic powers will affect our world tomorrow.

It's simply an amazing book from an impressive man.

Reviews:

Sebastian Mallaby of the Washington post wrote, "Alan Greenspan's Age of Turbulence is a great read from cover to cover. I knew that there would be much to learn from the book, but I did not think that it would be such an enjoyable read. I have read countless books and I can honestly say that this has been one of the best books I have ever read."

About the Author:

Alan Greenspan was born in 1926 and reared in the Washington Heights Neighborhood of New York City. After studying the clarinet at Juilliard and working as a professional musician, he earned his B.A., M.A., and PhD in economics from New York University. In 1954, he served as chair for the Council of Economic Advisors 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.

Mbi Tabetando is a Senior Financial Consultant with Principal Financial Group in New York City. 

Categories:  Leadership ,  Biography,  Corporate Finance