Greenspan's Taming of the Wave: New Storms Challenging the New Economy

During Alan Greenspan's tenure at the US Federal Reserve Board the US economy has consistently outperformed expectations. Greenspan has not been panicked by recessionary pressures and has held faith in the view that, despite short term setbacks, the world economy is locked into a steady long-term upward cycle and is about to enter another "Golden Age" comparable to that of the late-19th century. The world's rapid recovery from the 1998 Asian crisis supports the theory almost conclusively and has drawn considerable interest from the world's financial and business community. This volume explains the theory, presents its historical context, shows how Greenspan has harnessed it, and predicts how the "Golden Age" might develop.