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Lawrence S. Summers, Charles W. Eliot University Professor and President Emeritus at Harvard University, has been awarded the 2011 Global Economy Prize by the Kiel Institute for the World Economy. The awards ceremony was held June 19 in Kiel, Germany.
“The Global Economy Prize highlights the achievements of those who view globalization as an opportunity to tap our creative potential,” according to Institute president Dennis J. Snower. “The prize winners recognize that our standard of living can be protected only through free market activity itself. Success in the globalization process requires adequate incentives to work, save, invest, and obtain training and education. By these means, societies promote economic activity based on individual initiative and responsibility and avoid wasting our physical and human resources.”
Summers currently serves as co-faculty director of Harvard Kennedy School’s Mossavar-Rahmani Center for Business and Government. He has served in a number of senior policy positions in the federal government including as director of the National Economic Council for the Obama Administration from 2009-11, and as Secretary of the U.S. Treasury from 1999-2001. He has also served as Vice President of development economics and chief economist of the World Bank.
Summers received a Bachelor of Science degree from the Massachusetts Institute of Technology in 1975, and was awarded a Ph.D. from Harvard in 1982. In 1983, he became one of the youngest individuals in recent history to be named as a tenured member of the Harvard University faculty. In 1987 Summers became the first social scientist ever to receive the annual Alan T. Waterman Award of the National Science Foundation (NSF) and in 1993 he was awarded the John Bates Clark Medal, given every two years to the outstanding American economist under the age of 40.
Other Kiel Institute Global Economy Prize winners this year include Jean-Claude Trichet, president of the European Central Bank; and Victor L.L. Chu, chairman of the Hong Kong-based First Eastern Investment Group.