Who is George P. Shultz?
George P. Shultz is an American elder statesman, economist, and a prominent businessman. He served under three different Republican presidents. He is one of two individuals to serve in four different Cabinet positions. He played a great policy role in shaping the Foreign policy of the Ronald Reagan administration.
George P. Shultz Age
He was born on 13 December 1920, in New York City as George Pratt Shultz. He is 98 years.
George P. Shultz Wife | Kids
He exchanged his marriage vows with Charlotte Mailliard Shultz in 1997. Together the couple has been blessed with four children; a son Peter Milton and three daughters Margaret Ann Tilsworth, Barbara Lennox Shultz White and Kathleen Pratt Shultz Jorgensen.
George P. Shultz Early life
He was born as the only child of Margaret Lennox and Birl Earl Shultz. He was raised up in Englewood, New Jersey. His great-grandfather was an immigrant from Germany.
He attended the local public school and later in his second year of high school, he transferred to the Englewood School for Boys(currently known as Dwight-Englewood Scool). He graduated from the elite private preparatory boarding high school, Loomis Chaffee School in Windsor, Connecticut in 1938.
After high school, he joined Princeton University, New Jersey. He earned a bachelor’s degree cum laude in economics with a minor in international and public affairs.
In 1942, he graduated with honors. After graduating he served in the U.S. Marine Corps on active duty from 1942 to 1945. He attained the rank of a captain and was detached to the U.S. Army 81st Infantry Division during the Battle of Angaur.
He earned a Ph.D. in industrial economics from the Massachusetts Institute of Technology in 1949. He taught in the MIT Department of Economics and the MIT Sloan School of Management from 1948-1957. He joined the University of Chicago Graduate School of Business as a professor of industrial relations, in 1957. From 1962 to 1968 he served as the Graduate School of Business Dean. In 1969, he went to serve for President Richard Nixon.
George P. Shultz Under Nixon Administration
Secretary of Labor
From 1969-1970, he served as Secretary of Labor. He faced the Longshoremen’s Union strike crisis. in solving the big problem applied the theory he had developed in academia: he let the parties work it out, which they did quickly. He later imposed the Philadelphia Plan requiring Pennsylvania construction unions, which refused to accept black members, to admit a certain number of blacks by an enforced deadline. He was Nixon’s unofficial ambassador to the AFL-CIO.
Office of Management and Budget
On July 1, 1970, he became the first director of the Office of Management and Budget.
Secretary of the Treasury
From June 1972-May 1974, he served as the Secretary of the Treasury. During his time in office, he was concerned with two major issues: the continuing domestic administration of Nixon’s “New Economic Policy,” begun under Secretary John Connally and a renewed dollar crisis that broke out in February 1973.
In 1971, he enacted the next phase of the NEP: Lifting price controls. He participated in an international monetary conference in Paris that grew out of the 1971 decision to abolish the gold standard a decision he strongly supported.
He is one of only two individuals to serve in 4 United States Cabinet positions within the United States government, the other being Elliot Richardson.
George P. Shultz Secretary of State
He was appointed by President Ronald Reagan as the 60th U.S Secretary of State and replaced Alexander Haig who had resigned. He served for six and a half years the longest time in office since Dean Rusk. To formulate and implement Reagan’s foreign policy he relied primarily on the Foreign Service.
During his tenure, he negotiated with China over Taiwan from his predecessor. After months of negotiations, the United States and China issued a joint communiqué on Taiwan in which the United States agreed to limit arms sales and China agreed to seek a “peaceful solution.”
George P. Shultz Later life
On January 20, 1989, he left office and became the first prominent Republican to call for the legalization of recreational drugs. He was part of the Global Commission on Drug Policy, which called for a public health and harm reduction approach towards drug use.
He hosted a meeting which George W. Bush discussed his views with policy experts including Michael Boskin, John Taylor, and Condoleezza Rice, who were evaluating possible Republican candidates to run for president in 2000. During the 2000 election, he served as an advisor for Bush’s presidential campaign and a senior member of the “Vulcans”, a group of policy mentors for Bush.
In 2005, he spoke out against the Cuban embargo, calling the policy “insane”. He argued that introducing a free trade would help bring down Fidel Castro’s regime.
Along with Warren Buffet, he served as co-chair of California’s Economic Recovery Council, an advisory group to the campaign of California gubernatorial candidate Arnold Schwarzenegger in 2003.
He co-authored an opinion paper in The Wall Street Journal.
George P. Shultz Net worth
He has a net worth of $ 20 million.