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Alan Greenspan, 'The time of turbulence'

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Greenspan was born in a small middle class family which lived in Washington Heights. He was born in 1926, the only son of parents who divorced when he was very young. Declared unfit for military service because of a stain in his lungs, he dedicated himself to music instead of going to university. He would later continue to be involved in music as a hobby, while pursuing a career in business and finance. Finally in 1945, he decided to enroll in business school, in the University of New York, choosing the stream of accounting and finance. His first job was a summer job at the prestigious bank Brown Brothers Harriman.

He then began working at The Conference Board, a private research institute in the field of business and continued to do so while studying for a doctorate that would qualify him as an economist. Greenspan worked with The Conference Board until 1990, when he left it to work as a freelancer for Fortune, a popular American newspaper.

In September 1953, the Townsend-Greenspan society was created. Townsend came into being in 1954, with a specialization in steel. Its largest customers included Kaiser and Inland, U.S. Steel, and Armco among others. At that time, steel was the symbol of American power. The company's business was expanding exponentially and Alan Greenspan had to give up his PhD and focus all his attention on it. Alan Greenspan predicted the decline of activity in steel, effectively announcing the 1958 recession. However it must be reiterated that steel was the backbone of the U.S. economy; an economy that was based on durable goods, most of which are manufactured from steel.

Director of the Federal Reserve from 1987 to 2006, Allan Greenspan was fond of saying "Our economy is changing day by day and in this sense, it is still "new ". We can discuss at length the relevance of this statement about the economy and society of Egypt. While Egypt has experienced considerable upheaval in the second half of the twentieth century, the question remains whether these changes have resulted in profound economic and social changes, or if they have only changed the face of an architecture.

Many problems are included in this analysis to conclude whether, ultimately, the economy and the Egyptian society were finally integrated into the world to participate in an international process of mutual enrichment, or at least a step towards this process. By integration we mean, of course, not assimilation.

Integration is fundamentally a process of connection and adaptation to a host of other similar entities. In the context of contemporary economies and societies of the world, this translates naturally to flows of trade and is communication intensive, permeability between borders and a process of modernization. But has Egypt actually come into this mechanism? Recent decades have seen considerable developmental efforts to transform the economic structure, distribution of capital and the expansion of various monetary flows in Egypt.

But efforts do not mean success if we do not implement the right reforms and good incentives, especially if the officials who are responsible do not find it of interest. Egypt, remember, is an authoritarian regime dominated for nearly 27 years by Hosni Mubarak and therefore may experience some barriers to an economic and social modernization characterized by a massive liberalization. Therefore it is questionable whether redirection of investment in equipment, receipt of capital, and promotes the flow does indeed integrate Egypt into the world system?

Tags: Alan Greenspan, modernization of Egypt, trade reforms in Egypt

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