George P. Shultz

Awards and Honors:
Economic Club of New York Award for Leadership Excellence
(2011)
American Academy of Arts and Sciences
American Philosophical Society
Biography: 

George Pratt Shultz passed away on February 6, 2021. 

Shultz was the Thomas W. and Susan B. Ford Distinguished Fellow at the Hoover Institution. He had a distinguished career in government, in academia, and in the world of business. Shultz was one of two individuals who have held four different federal cabinet posts; he  taught at three of this country’s great universities; and for eight years he was president of a major engineering and construction company.

Shultz was born in New York City on December 13, 1920, and grew up in Englewood, New Jersey. He attended Princeton University, graduating in 1942 with a BA in economics. Shortly after graduation, he enlisted in the US Marine Corps and served through 1945. He then resumed his studies, this time at the Massachusetts Institute of Technology (MIT), where he earned a PhD in industrial economics in 1949. From 1948 to 1957 he taught at MIT, taking a leave of absence in 1955 to serve as a senior staff economist on President Eisenhower’s Council of Economic Advisers.

In 1957, Shultz joined the faculty of the University of Chicago’s Graduate School of Business as a professor of industrial relations. He was named dean five years later. From 1968 to 1969 he was a fellow at the Center for Advanced Study in the Behavioral Sciences at Stanford University. He returned to government when he was appointed secretary of labor by President Nixon in 1969. In June 1970, he became the first director of the newly formed Office of Management and Budget. In May 1972, he was named secretary of the Treasury, a post he held for two years. During this period, Shultz also served as chairman of the Council on Economic Policy, negotiated a series of trade protocols with the Soviet Union, and represented the United States at the Tokyo meeting on the General Agreement on Tariffs and Trade.

Shultz left government service in 1974 to become president and director of the Bechtel Group, where he remained until 1982. While at Bechtel, he maintained close ties with the academic world by joining the faculty of Stanford University.

Shultz held two key positions in the Reagan administration: chairman of the President’s Economic Policy Advisory Board (1981–82) and secretary of state (1982–89). As secretary of state, he played a key role in implementing a foreign policy that led to the successful conclusion of the Cold War and the development of strong relationships between the United States and the countries of the Asia-Pacific region including China, Japan, and the Association of Southeast Asian Nations.

After leaving office, Shultz rejoined the Bechtel Group as director and senior counselor. He also rejoined Stanford as professor of international economics at the Graduate School of Business and as a distinguished fellow at the Hoover Institution. In 2001, Shultz was named the Thomas W. and Susan B. Ford Distinguished Fellow at the Hoover Institution.

In January 1989, Shultz was awarded the Medal of Freedom, the nation’s highest civilian honor. He is also a recipient of the Seoul Peace Prize (1992), the West Point Sylvanus Thayer Award (1992), the Eisenhower Medal for Leadership and Service (2001), the Reagan Distinguished American Award (2002), and the Association for Diplomatic Studies and Training’s Ralph Bunche Award for Diplomatic Excellence (2002). Other honors awarded in 2002 include the Elliot Richardson Prize for Excellence and Integrity in Public Service, the James H. Doolittle Award, and the John Witherspoon Medal for Distinguished Statesmanship. The George Shultz National Foreign Affairs Training Center in Arlington, Virginia, was dedicated in a ceremony on May 29, 2002. Shultz was named a distinguished fellow of the American Economic Association in 2005 and received the American Spirit Award from the National World War II Museum in 2006. In 2007, he received the George Marshall Award from the United States Agency for International Development and the Truman Medal for Economic Policy. He received the Rumford Prize from the American Academy of Arts and Sciences in 2008 and the Commandant’s Leadership Award from the Marine Corps–Law Enforcement Foundation in 2009. In 2011, he received the Congressional Medal of Honor Society’s Distinguished Citizen Award and the first Economic Club of New York Award for Leadership Excellence. In 2012, he was presented with a Democracy Service Medal by the National Endowment for Democracy and received the Henry A. Kissinger Prize at the American Academy in Berlin. The Ronald Reagan Presidential Foundation dedicated the Global Issues and Reagan-Gorbachev Summits Galleries in his honor in June 2012.

Shultz’s publications include Thinking about the Future (Hoover Institution Press, June 2019); Learning from Experience (Hoover Institution Press, October 2016); Issues on My Mind: Strategies for the Future (Hoover Institution Press, 2013); The Nuclear Enterprise: High-Consequence Accidents: How to Enhance Safety and Minimize Risks in Nuclear Weapons and Reactors (Hoover Institution Press, 2012), coedited with Sidney Drell; Ideas & Action: Featuring 10 Commandments for Negotiations (2010); Ending Government Bailouts as We Know Them (Hoover Institution Press 2010), coedited with Kenneth E. Scott and John Taylor; Putting Our House in Order: A Citizen’s Guide to Social Security and Health Care Reform, with John B. Shoven (2008); Turmoil and Triumph: My Years as Secretary of State (1993); Economic Policy beyond the Headlines, with Kenneth Dam (1977); Workers and Wages in the Urban Labor Market, with Albert Rees (1970); Guidelines, Informal Controls, and the Marketplace, with Robert Aliber (1966); Strategies for the Displaced Worker: Confronting Economic Change, with Arnold Weber (1966); Management Organization and the Computer, with Thomas Whisler (eds.) (1960); Labor Problems: Cases and Readings, with John Coleman (1959); The Dynamics of a Labor Market, with Charles Myers (1951); Pressures on Wage Decisions (1951); "Case Study No. 10," with Robert P. Crisara, in Causes of Industrial Peace under Collective Bargaining (1951); and "Case Study No. 7," with Charles A. Myers, in Causes of Industrial Peace under Collective Bargaining (1950).

Shultz holds honorary degrees from Notre Dame, Columbia, Loyola, University of Pennsylvania, Rochester, Princeton, Carnegie-Mellon, City University of New York, Yeshiva University, Weizmann Institute of Science, Baruch College of New York, Hebrew University of Jerusalem, Tbilisi State University in the Republic of Georgia, Technion, Keio University in Tokyo, Williams College, and Peking University.

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Recent Commentary

In the News

A Company Of Authors

mentioning George P. Shultz, John B. Taylor, Terry M. Moevia Stanford Continuing Studies
Saturday, April 24, 2021

For the eighteenth consecutive year, a distinguished group of Stanford writers and editors will make a brief presentation about their recently published books. This program is hosted by Peter Stansky, Frances and Charles Field Professor of History, Emeritus, Stanford. Drop in, or even better, indulge yourself by spending the entire afternoon in the company of these bright, entertaining, and stimulating writers online.

Nuclear Weapons
Featured

Building On George Shultz’s Vision Of A World Without Nukes

featuring George P. Shultz, William J. Perry, Henry A. Kissinger, Sam Nunnvia The Wall Street Journal
Tuesday, March 23, 2021

Most Americans are too young to remember the fear and dread of an atom bomb or nuclear crisis.

In the News

Shultz’s Legacy On Energy And Cooperation Must Be Remembered And Extended, Panel Agrees

featuring George P. Shultzvia Stanford Precourt Institute for Energy
Monday, March 22, 2021

Whenever Arun Majumdar visited California while working in Washington, DC as part of the Obama administration, he would make sure to call on former Secretary of State George P. Shultz.

In the News

Energy Policy Experts Advocate Innovation To Achieve Shultz Legacy

featuring George P. Shultzvia Stanford Daily
Thursday, March 11, 2021

Two cofounders of the Climate Leadership Council say they want to combine a carbon tax policy with “supercharged innovation” to carry on the legacy of former Secretary of State George Shultz, a former Hoover Institution fellow who died in February.

In the News

A Personal Tribute To A Public Man: George Shultz ’42

featuring George P. Shultzvia Princeton Alumni Weekly
Friday, February 26, 2021

George Shultz ’42 was the consummate public servant. When he died, The New York Times devoted two full pages to an account of his career. 

In the News

The Remarkable Life Of George Shultz

featuring George P. Shultzvia Independent Women's Forum
Friday, February 26, 2021

World War II veteran, distinguished economist, Secretary of Labor and the Treasury, business executive—and one of America’s greatest diplomats.

In the News

George Shultz’s Enduring Wisdom Can Guide Diplomacy Today

featuring George P. Shultzvia National Interest
Wednesday, February 24, 2021

George Shultz’ counsel is vital for America today—invest heavily in strengthening U.S. diplomacy and its diplomats to rebuild America’s role in the world.

In the News

George Shultz — An Environmentalist And Technologist Ahead Of His Time

featuring George P. Shultzvia Boston Globe
Tuesday, February 23, 2021

Less discussed than his foreign policy experience is Shultz’s no less important role as a visionary problem solver in the interrelated issues of climate change and technology.

Featured

America’s Excessive Government Spending Must Stop

by George P. Shultz, John F. Cogan, John B. Taylorvia Project Syndicate
Tuesday, February 23, 2021

Before his death on February 6, George P. Shultz, a former US Secretary of the Treasury and Secretary of State, co-authored a final commentary warning of the dangers posed by the vast increase in US government spending in recent years, including during the COVID-19 crisis.

In the News

A Reporter Looks Back: Remembering George Shultz

featuring George P. Shultzvia Radio Free Asia
Monday, February 22, 2021

Reporters who covered Secretary of State George P. Shultz liked to refer to him as “Buddha” because of his calm demeanor in the face of world crises.

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Remembering George P. Shultz

George Pratt Shultz


In remembrance and honor of George P. Shultz, the family suggests that charitable donations may be made to the George P. Shultz Program Fund at the Hoover Institution. The fund will make it possible to carry on his craft of turning ideas into action in the areas of national security, energy and climate, economics, education, and equality of opportunity.

Contributions may be sent to:

Hoover Institution
George P. Shultz Program Fund
434 Galvez Mall
Stanford, CA 94305

Donations may also be made online here.

Please contact sjmyers [at] stanford.edu (subject: Shultz%20Remembrance%20Fund) (Sara Myers) with any questions.

Celebrating Shultz @100


As we celebrate George P. Shultz, this portal celebrates the first 100 years of his singular legacy and lasting impact. Find 100 facts from 100 years, galleries celebrating his storied legacy and links to articles and essays celebrating his impact.

The Governance Project