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Essay / Research Paper Abstract
This 4 page essay discusses Greenspan's theories and thoughts regarding the economy. It also reports the Greenspan Fed response to certain crises with comments from other experts. Bibliography lists 5 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGgrnsp.RTF
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Unformatted sample text from the term paper:
important characteristics influencing global growth: (1) the extent of competition domestically, and, especially for developing nations, the extent of a countrys openness to trade and its integration with the rest
of the world; (2) the quality of a countrys institutions that make an economy work; and (3) the success of its policymakers in implementing the measures necessary for macroeconomic stability
(Greenspan, 2007, p. 250-251). My experience leads me to consider state-enforced property rights as the key growth-enhancing institution. For if those rights were not enforced, open trade and the
huge benefits of competition and comparative advantage would be seriously and dramatically impeded (Greenspan, 2007, p. 251). In these two quotes, interestingly from the same pages, we find a semblance
of Greenspans economic theories and thoughts. His thoughts and theories were influenced by many economic, financial and political icons who came before him, including Smith, Freidman, Volker and many others.
It should be said that Greenspan was especially influenced by Volker (Palley, 2005). He is a vociferous reader, reading more newspapers and articles in a morning than most of us
read in a year. One of the individuals who influenced him early in his career was Ayn Rand (Frost, 2002). Not very many people know that but it was Rands
Collective that got Greenspan thinking about "why capitalism is not only efficient and practical, but also moral" (Frost, 2002). Greenspan was such an economic and monetary policy icon in
the world, that Queen Elizabeth II declared him an honorary knight in 2002 (Frost, 2002). In articles following this honor, writers said that "his knowledge of the economy is staggering"
(Frost, 2002). Greenspan responded with his typical and sincere humility that after so many years of study a person should "know how the system works" (Frost, 2002). Actually, Greenspan had
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