Thought for the Week – 13.01.20

“Success is not final, failure is not fatal. It is the courage to continue that counts”

SIR WINSTON CHURCHILL (1874-1965)

Sir Winston Leonard Spencer-Churchill (30 November 1874 – 24 January 1965) was a British politician, army officer, and writer. He was the prime minister of the United Kingdom from 1940 to 1945, when he led Britain to victory in the Second World War, and again from 1951 to 1955. Churchill represented five constituencies during his career as a member of Parliament (MP). Ideologically an economic liberal and imperialist, for most of his career he was a member of the Conservative Party, which he led from 1940 to 1955, but from 1904 to 1924 was a member of the Liberal Party.

Of mixed English and American parentage, Churchill was born in Oxfordshire to a wealthy, aristocratic family. He joined the British Army in 1895, and saw action in British India, the Anglo–Sudan War, and the Second Boer War, gaining fame as a war correspondent and writing books about his campaigns. Elected an MP in 1900, initially as a Conservative, he defected to the Liberals in 1904. In H. H. Asquith’s Liberal government, Churchill served as President of the Board of Trade, Home Secretary, and First Lord of the Admiralty, championing prison reform and workers’ social security. During the First World War, he oversaw the Gallipoli Campaign; after it proved a disaster, he resigned from government and served in the Royal Scots Fusiliers on the Western Front. In 1917, he returned to government under David Lloyd George as Minister of Munitions, then as Secretary of State for War and Air, and finally for the Colonies, overseeing the Anglo-Irish Treaty and Britain’s Middle East policy. After two years out of Parliament, he served as Chancellor of the Exchequer in Stanley Baldwin’s Conservative government, returning the pound sterling in 1925 to the gold standard at its pre-war parity, a move widely seen as creating deflationary pressure and depressing the UK economy.

Out of office during the 1930s, Churchill took the lead in calling for British rearmament to counter the growing threat from Nazi Germany. At the outbreak of the Second World War he was re-appointed First Lord of the Admiralty. In 1940 he became prime minister, replacing Neville Chamberlain. Churchill oversaw British involvement in the Allied war effort against Germany and the Axis powers, resulting in victory in 1945. His wartime leadership was widely praised, although acts like the Bombing of Dresden and his wartime response to the Bengal famine generated controversy. After the Conservatives’ defeat in the 1945 general election, he became Leader of the Opposition. Amid the developing Cold War with the Soviet Union, he publicly warned of an “iron curtain” of Soviet influence in Europe and promoted European unity. Re-elected Prime Minister in 1951, his second term was preoccupied with foreign affairs, including the Malayan Emergency, Mau Mau Uprising, Korean War, and a UK-backed Iranian coup. Domestically his government emphasised house-building and developed a nuclear weapon. In declining health, Churchill resigned as prime minister in 1955, although he remained an MP until 1964. Upon his death in 1965, he was given a state funeral.

Widely considered one of the 20th century’s most significant figures, Churchill remains popular in Britain and throughout the West, where he is seen as a victorious wartime leader who played an important role in defending Europe’s liberal democracy from the spread of fascism. Praised as a social reformer and accomplished writer, among his many awards was the Nobel Prize in Literature.

Thought for the Week – 06.01.20

“The Earth does not belong to us. We belong to the Earth”

MARLEE MATLIN (b.1965)

Marlee Beth Matlin (born August 24, 1965) is an American actress, author, and activist. She won the Academy Award for Best Actress for Children of a Lesser God (1986) and to date is the only deaf performer to have won an Academy Award; also, having won the award at the age of 21, she is the youngest winner in the category. Her work in film and television has resulted in a Golden Globe award, with two additional nominations, and four Emmy nominations. Deaf since she was 18 months old, due to illness and high fevers, she is also a prominent member of the National Association of the Deaf. Her longtime interpreter is Jack Jason.

Thought for the Week – 09.12.19

“Good questions outrank easy answers”

PAUL SAMUELSON (1915-2009)

Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist. The first American to win the Nobel Memorial Prize in Economic Sciences, the Swedish Royal Academies stated, when awarding the prize in 1970, that he “has done more than any other contemporary economist to raise the level of scientific analysis in economic theory”. Economic historian Randall E. Parker has called him the “Father of Modern Economics”, and The New York Times considered him to be the “foremost academic economist of the 20th century”.

Samuelson was likely the most influential economist of the later 20th century. In 1996, when he was awarded the National Medal of Science, considered to be America’s top science-honour, President Bill Clinton commended Samuelson for his “fundamental contributions to economic science” for over 60 years. Samuelson considered mathematics to be the “natural language” for economists and contributed significantly to the mathematical foundations of economics with his book Foundations of Economic Analysis. He was author of the best-selling economics textbook of all time: Economics: An Introductory Analysis, first published in 1948. It was the second American textbook that attempted to explain the principles of Keynesian economics. It is now in its 19th edition, having sold nearly 4 million copies in 40 languages, including Russian, French, Greek, Slovak, Chinese, Portuguese, German, Spanish, Polish, Japanese, Czech, Vietnamese, Hungarian, Indonesian, Swedish, Croatian, Dutch, Turkish, Hebrew, Italian, and Arabic. James Poterba, former head of MIT’s Department of Economics, noted that by his book, Samuelson “leaves an immense legacy, as a researcher and a teacher, as one of the giants on whose shoulders every contemporary economist stands”

He entered the University of Chicago at age 16, during the depths of the Great Depression, and received his PhD in economics from Harvard. After graduating, he became an assistant professor of economics at Massachusetts Institute of Technology (MIT) when he was 25 years of age and a full professor at age 32. In 1966, he was named Institute Professor, MIT’s highest faculty honor.[4] He spent his career at MIT where he was instrumental in turning its Department of Economics into a world-renowned institution by attracting other noted economists to join the faculty, including Robert M. Solow, Franco Modigliani, Robert C. Merton, Joseph E. Stiglitz, and Paul Krugman, all of whom went on to win Nobel Prizes.

He served as an adviser to Presidents John F. Kennedy and Lyndon B. Johnson, and was a consultant to the United States Treasury, the Bureau of the Budget and the President’s Council of Economic Advisers. Samuelson wrote a weekly column for Newsweek magazine along with Chicago School economist Milton Friedman, where they represented opposing sides: Samuelson, as a self described “Cafeteria Keynesian”, claimed taking the Keynesian perspective but only accepting what he felt was good in it. By contrast, Friedman represented the monetarist perspective. Together with Henry Wallich, their 1967 columns earned the magazine a Gerald Loeb Special Award in 1968.