The world of economics and literature collided in an unexpected friendship between Alan Greenspan the former central banker, and Ayn Rand the renowned author. Their intellectual bond, which spanned decades, left an indelible mark on both individuals and their respective fields.
Greenspan, known for his tenure as the Chairman of the Council of Economic Advisors and later as the Chairman of the Federal Reserve, found in Rand a mentor and friend who significantly influenced his worldview. Their connection began in the early 1950s, a time when Rand was already an established figure in literary circles, thanks to her best-selling novel The Fountainhead published in 1943.
The Beginnings of a Lasting Friendship
The introduction between Greenspan and Rand was orchestrated through a series of personal connections. Greenspan’s then-wife, Joan Mitchell a Canadian art historian, was friends with the wife of Nathaniel Branden Rand’s protégé and longtime lover. This connection led Greenspan to join Rand’s inner circle, known as the Collective a group of thinkers who gathered regularly at Rand’s midtown Manhattan apartment to discuss politics, world events, and ideas.
Greenspan’s marriage to Mitchell was short-lived, ending in divorce within a year of their 1952 wedding. However, his relationship with Rand endured until her death in 1982. Rand, known for her sharp wit, nicknamed Greenspan the undertaker due to his penchant for dark suits and solemn demeanor. This moniker belied Greenspan’s early artistic pursuits, which included studying clarinet at Juilliard and playing in a swing band with future jazz legend Stan Getz.
Intellectual Synergy and Professional Collaboration
Despite their differing backgrounds, Greenspan and Rand shared a deep appreciation for intellectual rigor and rationality. Greenspan contributed to Rand’s magazine, The Objectivist and wrote an influential essay on the gold standard in 1966, which was later reprinted in her book Capitalism: The Unknown Ideal. Their shared values were evident in Greenspan’s memoir, The Age of Turbulence: Adventures in a New World published in 2007, where he reflected on Rand’s impact on his life.
Ayn Rand became a stabilizing force in my life,
Greenspan wrote. She was a wholly original thinker, sharply analytical, strong-willed, highly principled, and very insistent on rationality as the highest value. In that regard, our values were congruent – we agreed on the importance of mathematics and intellectual rigor.
A Bond Beyond Ideology
Their friendship extended beyond intellectual discussions and professional collaborations. When Greenspan was sworn in as Chairman of the Council of Economic Advisers during the Ford administration on September 4, 1974 Rand stood by his side, along with her husband, Frank O’Connor and Greenspan’s mother, Rose Goldsmith. This moment symbolized the deep personal and professional respect they had for each other.
Greenspan’s musical tastes, much like his political views, were conservative. He dismissed almost every form of post-big band popular music as on the edge of noise showcasing his preference for traditional and classical music. This preference mirrored his economic philosophies, which were heavily influenced by Rand’s objectivist principles.
The legacy of Greenspan and Rand’s friendship is a testament to the power of intellectual connections. Their bond transcended their respective fields, leaving a lasting impact on economics, literature, and the broader cultural landscape.
