This book is in part a detective story. After 911 I knew, if I needed further reinforcement, that we are living in a new world - the world of a global capitalist economy that is vastly more flexible, resilient, open, self-correcting, and fast-changing than it was even a quarter century earlier. Its a world that presents us with enormous new possibilities but also enormous new challenges. iThe Age of Turbulencei is my attempt to understand the nature of this new world: how we got here, what were living through, and what lies over the horizon, for good and for ill. Where possible, I convey my understanding in the context of my own experiences. I do this out of a sense of responsibility to the historical record, and so that listeners will know where Im coming from.p

The book is therefore divided in halves: the first half is my effort to retrace the arc of my learning curve, and the second half is a more objective effort to use this as the foundation on which to erect a conceptual framework for understanding the new global economy. Along the way I explore critical elements of this emerging global environment: the principles governing it; the vast energy infrastructure that powers it; the global financial imbalances and dramatic shifts in world demographics that threaten it; and, despite its unquestioned success, the chronic concern over the justice of the distribution of its rewards. Finally, I bring together what we can reasonably conjecture about the makeup of the world economy in 2030.p

I dont pretend to know all the answers. But from my vantage point at the Federal Reserve, I had privileged access to the best that had been thought and said on a wide range of subjects. I have not been inhibited in reaching for some fairly sweeping hypotheses.br
-Alan Greenspan

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