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Alan Greenspan has transformed his role from a dictator of Economic
Advisors to a participative leader of the Federal Reserve. Integrity,
transformational leadership, and CII Leadership style demonstrate his
leadership. These factors among others helped him to achieve the role
of being one of the most powerful men in America, Federal Reserve
Chairman.
In the process of becoming chairman, Greenspan has become one of the
most influential leaders in the world. Traits that show this influence
are his integrity, intelligence, and self-confidence. Perhaps his most
important characteristic, Greenspan’s integrity has pushed him to
become the leader he is today. An example of this came in 1974 when he
refused to take the job of Chairman of Economic Advisors. Greenspan was
convinced that he could not make it in government because he did not
always agree with policy. Greenspan later chose to accept the position
after he realized that he could make a difference and bring truth to
the government. Had it not been for his integrity, Greenspan would have
declined to take the position. See Passage 1. After becoming Chairman
of the Council of Economic Advisors, he also demonstrated his integrity
by discussing problems without regard for policy or the conventional
way of thinking. For example, he spoke up against the Nixon
administration for over estimating the GNP in 1971. Eventually the
budget was proved to be inflated as Greenspan had predicted. He also
criticized the president’s wage and price controls because he believed
that it would have had a negative effect on the American people.
Greenspan’s relentless pursuit for truth and the well being of the
American people has characterized his integrity and leadership.
Despite his great leadership traits, Alan Greenspan has become known
for his transformational leadership. As Federal Reserve Chairman, he is
outspoken and courageous with his opinions. His ability to deal with
complexity and uncertainty is trademark of his transformational
leadership style and intelligence. As Greenspan progressed, he was able
to apply his leadership and intellectual ability to the real world. An
example of this came in 1975 when New York City faced bankruptcy. See
Passage 2. Greenspan devised a solution for this complex problem in way
that bailed out the city and still earned interest from borrowers.
Furthermore, he continues to learn from this experience and others like
it to further develop himself as a decision maker. This is necessary
because the decisions he makes affects millions of people worldwide.
Even with his vast knowledge of economics and extraordinary expert
power, he continues to be driven by his personal values. Over the years
after fame and fortune, Greenspan has remained close to the person that
raised him alone. Before his mother’s death, he called her every
morning at 7:00 A.M. to communicate when he lived in Washington. See
Passage 3. He also visited her every free moment of his time. Alan
Greenspan’s respect and gratitude for his mother displays his personal
values and transformational leadership. This is very important because
he has not lost touch of his family, culture, and history as many
people do when they achieve success.
Before making any decision, Greenspan gets information from a
variety of sources. When he faces a decision, he shares the problem
with a group, gets ideas, and then decides. He implements a good
combination of boss-centered leadership and subordinate-centered
leadership. With the position of Chairman of the Federal Reserve Board,
Greenspan has to be unbiased and open to his subordinates’ ideas.
However, he was not always open to others’ ideas. During his time with
the Council of Economic Advisors, two members quit because of his
failure to involve them fully. See Passage 4. Eventually Greenspan
would learn from experience to determine how much and what type of
follower involvement is needed. More importantly, he adjusted his
attitude on participative leadership to be more open to sharing the
leader role. This style of leadership has helped him to his fourth
consecutive four-year term as Chairman. This is the first of its kind
for the Federal Reserve Board.
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