Boom, bust, repeat. The history of the American economy is a rollercoaster of ups and downs, but the United States remains a great power because its expansionary periods have proven robust enough to overwhelm the regular – sometimes wrenching – downturns. In this trenchant overview of US capitalism, former Federal Reserve head Alan Greenspan and journalist Adrian Wooldridge lay out America’s evolution from fiscal backwater to economic titan. With sharp prose, they explain what has driven three centuries of (mostly) financial progress and offer a diagnosis on what’s keeping 21st-century growth muted. Considering Greenspan’s purposefully obfuscatory speeches as Fed chair, readers will find this book’s crisp language and clear message a welcome change.
About the Authors
Alan Greenspan was chair of the Federal Reserve from 1987 to 2006. Adrian Wooldridge, the Economist‘s political editor, writes the magazine’s Bagehot column.