Greenspan: Free Markets Helped Rebound

"The freeing of markets over the previous quarter-century had imparted a flexibility and, hence, a resilience that enabled cross-border commerce to quickly stabilize and, by early 2002, to resume its expansion."

"Free markets are the antithesis of violence," Greenspan said. "They rest not only on voluntary exchange but also on a necessary condition of voluntary exchange: trust in the word of those with whom we do business."