Alan Greenspan, the former central banker who passed away on Monday, shared a significant intellectual connection with the author Ayn Rand. Rand is known for her novel Atlas Shrugged, a favorite among conservatives. The Library of Congress recognized it as one of the books that have influenced America.
Their paths first crossed when Greenspan was in his twenties and Rand was in her forties, well-known for her 1943 novel The Fountainhead. They were introduced by Greenspan’s then-wife Joan Mitchell, an art historian from Canada. Mitchell was close to Nathaniel Branden’s wife, and Branden was Rand’s protege and longtime partner.
Greenspan and Mitchell married in 1952 but separated within a year. In contrast, Greenspan’s bond with Rand endured until her passing in 1982. Through his connection with Branden, Greenspan became part of Rand’s “Collective,” a group of friends and thinkers who met in her Manhattan apartment to discuss politics, world events, and ideas. He was a regular attendee.
In Greenspan’s 2007 memoir, The Age of Turbulence: Adventures in a New World, he recalled Rand giving him the nickname “the undertaker” for his preference for dark suits and serious demeanor. Despite this reputation, Greenspan had musical talents. Before pursuing economics at New York University, he attended Juilliard to study clarinet and played in a swing band with jazz great Stan Getz. His music tastes leaned conservative; he criticized most post-big band music in his memoir.
Greenspan contributed to Rand’s magazine, The Objectivist, with a noteworthy essay on the gold standard in 1966, later included in her book Capitalism: The Unknown Ideal. Rand was present at Greenspan’s swearing-in as chairman of the Council of Economic Advisers during the Ford administration, along with her husband Frank O’Connor and Greenspan’s mother, Rose Goldsmith.
In his memoir, Greenspan wrote, “Ayn Rand became a stabilizing force in my life.” He admired her for her originality, analytical mind, strong will, principles, and her emphasis on rationality. Their shared values included a commitment to mathematics and intellectual rigor.