dispatches from the new world of work

Mr Chairman

I never expected to be blogging Alan Greenspan's autobiography, The Age of Turbulence: Adventures in a New World. (I never expected to read it, frankly.) But I am thoroughly enjoying it—and for me it's actually a page-turner. The book is divided in two—the personal bit, and essays on basic principles of Capitalism, a global world that is mostly beyond the control of the Fed, and the like.

Most of the press has featured Greenspan's less than complimentary views of the Bush White House. That may well be, but not only is that not the page-turner part for me, but I am simply skipping it.

The surprise and delight are that the book is wonderfully written and hence moves along with style most unusual in autobiographies. But my true interest is the more general parts; that is, how Greenspan came to acquire his free market views (Ayn Rand was an important influence), and then the details of his deeply held beliefs about Capitalism and the like.

For me, this is a superb book—and it will be my companion on tomorrow's loooooong flight from Sydney to LAX. It beat out another book worthy of superlatives—Ron Chernow's Alexander Hamilton. The Hamilton biography is, yes, another page-turner; the drama (exactly the right word) surrounding Hamilton's establishment of the economic order that is in many ways with us today is as tense as any thriller—in fact, it is the ultimate thriller. It is also perfect to accompany Greenspan—their views are very much in accord.

Tom Peters posted this on 09/21/07.

Comments

Mr. Greenspan is quite the illusionist - he was especially lucky to arrive on the scene as the USA bankrupted the Soviet Union - with subsequent worldwide economic invigoration. Wonder if he took acting lessons to learn that delivery style?

Enjoy him but am not a total fan - he tended to be a bit slow to act though his support of free enterprise is genius. Seems like Rudy is the one on the horizon to get us back to budget surplus & debt reduction.

PS - I knew people who worked under Greenspan & he like McCain is not even e-mail adept ... so Greenspan's subprime miss may be due to personal IT limits. :>}

Posted by John at September 21, 2007 10:11 AM

John, I'm not a 100% Greenspan fan either, but his take on entrpreneurial capitalism, of which I am more or less a 100% fan, is modern day Schumpeterian-Hayekian, and that works for me. As for the PC, Fortune just featured the chap they call the richest person in the world on their cover. It's the Mexican Carlos Slim--who also eschews the PC. (For what that's worth. Buffett is also, apparently, far from glued to his screen.) If you do look at Greenspan's book you'll perhaps, like me, be in some awe of the degree to which he views the Fed job as the ultimate PhD course in terms of time devoted to study.

Posted by tom peters at September 21, 2007 1:17 PM

I will go to read this book is very interesting when it for translation for portugues i will buy we here in BRASIL read much much ok..thanks..

Posted by JOSE GILBERTO at September 21, 2007 1:29 PM

TP, how about using Hamilton's untimely death as the inspiration for a PPT presentation on "What to do when you've got yourself into a life-threatening, corporation-threatening, career-threatening situation"? Lafley's story on the TP! Wire Service fits in neatly.

Posted by Mike L at September 21, 2007 4:29 PM

I, too, am "reading" (listening to audio version) of Greenspan's book. It's really hard to believe that such a neo-classical economist was able to influence so many people with, what I believe to be false assumptions on which his theories are based.

For example, the absence of regulation does not necessarily result in self-organization. It is simple belief on the part of neo-classical "market fundementalists" which has resulted in so much dislocation and pain.

I live in Krasnodar, Russia and was here in the mid to late 1990's. I watched as Greenspan's ideological "home-boys" swept into Moscow and directed the Russia officials on how best to get the economy going. Lots and lots of shock but very little therapy.

The current situation in which the macro-economic world finds inself in can be directly blamed on Greenspan easy money policies. There are simply too many dollars in circulation worldwide.

Robert Rubin was brilliant to understand that American assets could act as a sponge for this large Dollar Overhang. It's been great while the music has continued to play.

Greenspan may just actually eventually go down as one of the final straws that broke the back of the American Century.

Good luck Mr. Greenspan and good ridance.

Posted by Timothy Post at September 23, 2007 6:47 AM

Tim - Moscow shall have to behave for 1000 years just to break even with historical radical human rights' mistakes! :>} Plus be benevolent & pay their way internationally as some kind of peace keeping leader!

Posted by John at September 25, 2007 10:12 AM