Lawrence Summers
This product was added on the quality assurance side of the portal business arising from the substantive and / or formal defects. You can help by you are removing the deficiencies mentioned there or you engaged with any of the discussion.
Lawrence " Larry " H. Summers ( born November 30, 1954 in New Haven, Connecticut ) is an American politician and professor of economics. From 1991 to 1993 Summers was chief economist of the World Bank.
In 2009 he was appointed by U.S. President Barack Obama as Director of the National Economic Council.
Family
Summers comes from an influential Jewish academic family. His parents were economists: Robert Summers and Anita Summers, both of which are taught as professors at the University of Pennsylvania. He is the nephew of two winners of the Prize for Economics in the Bank of Sweden in memory of Alfred Nobel: Paul Samuelson is a brother of his father, his mother, a brother Kenneth Arrow. The greatest period of his childhood spent in Penn Valley, Pennsylvania, a suburb of Philadelphia, where he attended the " Harriton High School ".
He is married to the linguist Elisa New and father of three daughters.
Academic career
At age 16, Summers went to the Massachusetts Institute of Technology (MIT ), where he originally intended to study physics, but soon the subject in favor of moving economy. After graduation, he moved to Harvard University, where in 1982 he his Ph.D. made. In 1983, at age 28, Summers became one of the youngest full professors in Harvard's history. In 1987 he was a visiting scholar at the London School of Economics.
On 1 July 2001 he was president of Harvard University. Because of his remarks about women in science and technology Summers joined June 30, 2006 from his office. This Summers was Harvard president with the shortest term in office since 1868. Was succeeded by Catherine Drew Gilpin Faust, which is the first president of Harvard University.
Political offices
Larry Summers was from 1995 to 1999, Deputy Treasury under Robert Rubin and from 1999 to 2001, U.S. Treasury in the Cabinet of Bill Clinton. He was so immediate successor of Robert Rubin. 2008 it was announced that Summers was appointed as National Economic Advisor to the Government of the U.S. President-elect Barack Obama. Long time he had been traded for the post of finance minister, but then the Secretary Timothy F. Geithner took over.
On 21 September 2010, the White House announced that Summers will resign at the end of the National Economic Council to return to Harvard. Summers justified his withdrawal by saying that he had to return to Harvard in January 2011 in order not to lose its position as a tenured university professor. It was said that the change had long been planned.
Political positions
Summers supported the deregulation of financial markets, such as the Gramm -Leach- Bliley Act of 1999. Particular, the deregulation of OTC derivatives was evaluated later as a cause of the financial crisis in 2007. Clinton regretted to have later heard publicly on the advice of Rubin and Summers.
At a research conference of the International Monetary Fund Summers has proposed to abolish the cash. Thus, the state and the banks could reduce the interest rate significantly below zero. This means that the savings from year to year to remove these fixed percentage. As people would hoard their money in the safe at a forced regime such, one must abolish so - Summer - the cash. So would the state and the banks could access and enforce the concept. In addition, the people would rather spend their money. This pushes the economy, what Summers also wanted to achieve. In his opinion, been missing for over 20 years in Western countries a healthy growth.
Lawrence Summers revived the discussion on a possible " secular stagnation " of the economy and thus new exception to a term that goes back to the Keynesian economist Alvin Hansen U.S. in the late 30s.
Criticism
For criticism led by Summers made in an internal document of the World Bank statements, whether economically logical to export pollution in the form of toxic waste in developing countries, since there are the lost revenue at the lowest due to increased morbidity and mortality. Seen in developing countries are " under polluted". He caused a sensation among other things with his critique of the rap CD by Cornel West. A statement on the reasons for the underrepresentation of women in science, natural science and technology received negative responses. Summers defended himself against the accusations
Summers had as a consultant for DE Shaw & Company, one of the largest companies for financial assets, received 5.3 million dollars during his professional career as a university professor in a " side job " (one day a week ). Asked Andrew Sable from the University of California the question of whether Summers was not affected by such lucrative bonds in its independence as a government adviser.
Others
- The movie The Social Network (2010), shows Summers (played by Douglas Urbanski ), in his capacity as Director of the Harvard University.
- The Inside Job documentation Summers is presented as one of the main causes of the crisis of 2007.