Age of Turbulence

Book Synopsis

This is somewhat an action story. After the 11th of September, I got aware that we are living in a new world. It's that global capitalist world characterized by flexibility, resilience, openness and the ability to correct itself; features that were not so vivid twenty five years ago. It is a world that allows us enormous potentials while posing on us great challenges. "The Age of Turmoil" is my way of understanding this new world, how we got to the point were we are now, our current presence, where we are heading for, and whether it's good or bad. Where possible, I try to deliver my understanding through my experiences. It is my responsibility towards history and my readers that shapes my moves. The book is divided into two sections. The first is following the footpath of my education and understanding, whereas the second represents a more objective effort to use my learning as the base to evaluate the framework of the modern international economy. Along the way, I try to discover the specific factors affecting the developing international environment, the huge energy infrastructure which provides it with the power, and the international financial disorders and the threatening dramatic changes in the international demography, as well as our constant worry over the fairness in distribution despite our undoubted success. Lastly, I try to display what I think is a logical assumption for the world economy in 2030.

"I don't claim to provide all solutions, but I was privileged during my supervisory role in the Federal Reserves Bank to know what was thought and said about a lot of subjects-matters. Nothing stopped me from trying to reach to some of the comprehensive assumptions".

Greenspan tells his lifelong story

Following September 11, Greenspan, president then of the Federal Reserves Bank for the 14th year, joined a peaceful action group to ensure that the USA would not undergo an economic collapse, which will affect the whole world. There were good reasons for the fear of the worst. In 1987 – only a few weeks after he held his post – the collapse of the stock market is much more reminiscent to what is known today as freezing of the financial system as well as causing real financial panic. However, the effects of September 11on the economy turned into "nothing". The post-September shock, which was expected to paralyze the economic system, was absorbed in an amazingly quick way. This proved that we are indeed living in a new world not for the first time, and definitely not the last.

“The Age of Turbulence” is a unique study of this new world, presented by Alan Greenspan from his position in the control room where he, like no one else, has effectively led the international economy. He begins his novel on that morning of September 11, but flashes back to his childhood tracking his journey in life with over 18 years as the president of Federal Reserves Bank (1987 to 2006).

Alan presents his story with a judgmental approach of that part of history that he lived. On the other hand, he aims to have his readers follow his example. For this end, he provides his readers with the essential dynamics and the conceptual tools that drove his life forward. He presents in a wonderful way the world economy, and unfolds the issues of the economical growth, and examines some facts relevant to each main part and country of the world. Moreover, he explains where the globalization trend will proceed. A deep insight to life and condensed wisdom, “The Age of Turbulence” represents Greenspan personal and intellectual legacy.

About the Author Alan Greenspan

Born in Washington Heights, NY in 1926. Studied music in Joyar and became a professional clarinet player. Later, received his PhD in Economics from New York University. In 1954, he established "Townsend, Greenspan and Co., an economic consulting firm. From 1974 to 1977 he was the president of The Economic Consultants Council during Gerard Ford's presidency. In 1987 – and until his retirement in 2006 – he was appointed by President Ronald Regan as Chairman of Federal Reserves Bank.

About the translator

Ahmed Mahmoud

Winner of the Supreme Council of Culture "Mohamed Badran" Award, he translated works including "The Silk Road", "People of Upper Egypt", "Mac World", "Making News in American Press", "Censorship and Generalization in American Media", "Folklore and the Sea", and "Egypt; the Root".

About the reviewer

Samer Abou Hawash
Born in Lebanon in 1972, Samer is a versatile author. His poetic works include "The Gentleman's Greeting" and "Two Trees on The Roof". He also wrote novels; "Happiness" and "Valentine". His translations include "On the Road" for Jack Krwak, "Bay's Life" for Lian Martel and "Budha of the Oustkirts" for Hanief Quraishi.