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Summers has also worked in international economics, economic demography, economic history and development economics. Waterman Award from the National Science Foundation. Summers is also a member of the National Academy of Sciences. He also served as an economic adviser to the Dukakis Presidential campaign in As such, Summers played a "key role" in designing strategies to aid developing countries, worked on the bank's loan committee, guided the bank's research and statistics operations, and guided external training programs.

The World Bank's official site also reports that Summer's research included an "influential" report that demonstrated a very high return from investments in educating girls in developing nations. According to The Economist, Summers was "often at the centre of heated debates" about economic policy, to an extent exceptional for the history of the World Bank in recent decades.

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In December , while at the World Bank, Summers signed a memo that was leaked to the press. Lant Pritchett has claimed authorship of the private memo, which both he and Summers say was intended as sarcasm. I've always thought that under-populated countries in Africa are vastly underpolluted.

Much of Summers's tenure at the Treasury Department was focused on international economic issues. He was deeply involved in the Clinton administration's effort to bail out Mexico and Russia when those nations had currency crises. Later there was a scandal when it emerged that some of the Harvard project members had invested in Russia, and were therefore not impartial advisors.

Summers pressured the Korean government to raise its interest rates and balance its budget in the midst of a recession, policies criticized by Paul Krugman and Joseph Stiglitz.

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Summers was a leading voice within the Clinton Administration arguing against American leadership in greenhouse gas reductions and against US participation in the Kyoto Protocol , according to internal documents made public in During the California energy crisis of , then-Treasury Secretary Summers teamed with Alan Greenspan and Enron executive Kenneth Lay to lecture California Governor Gray Davis on the causes of the crisis, explaining that the problem was excessive government regulation.

Summers hailed the Gramm—Leach—Bliley Act in , which lifted more than six decades of restrictions against banks offering commercial banking , insurance, and investment services by repealing key provisions in the Glass—Steagall Act : "Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century," Summers said.

On May 7, , the Commodity Futures Trading Commission CFTC issued a Concept Release soliciting input from regulators, academics, and practitioners to determine "how best to maintain adequate regulatory safeguards without impairing the ability of the OTC over-the-counter derivatives market to grow and the ability of U. Congress that "the parties to these kinds of contract are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies.

When George Stephanopoulos asked Summers about the financial crisis in an ABC interview on March 15, , Summers replied that "there are a lot of terrible things that have happened in the last eighteen months, but what's happened at A. In February , Summers quoted John Maynard Keynes , saying "When circumstances change, I change my opinion", reflecting both on the failures of Wall Street deregulation and his new leadership role in the government bailout.

In , when George W. Bush became President , Summers left the Treasury Department and returned to Harvard as its 27th president, serving from July until June A number of Summers's decisions at Harvard have attracted public controversy, either at the time or since his resignation. In an October meeting, Summers criticized African American Studies department head Cornel West for allegedly missing three weeks of classes to work on the Bill Bradley presidential campaign, and complained that West was contributing to grade inflation. Summers also claimed that West's "rap" album was an "embarrassment" to the university.

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West pushed back strongly against the accusations. It's a stereotypical reaction", he said later. West, who later called Summers both "uninformed" and "an unprincipled power player" in describing this encounter in his book Democracy Matters , subsequently returned to Princeton University , where he had taught prior to Harvard University.

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Summers had prefaced his talk, saying he was adopting an "entirely positive , rather than normative approach" and that his remarks were intended to be an "attempt at provocation. Summers then began by identifying three hypotheses for the higher proportion of men in high-end science and engineering positions:. The second hypothesis, the generally greater variability among men compared to women in tests of cognitive abilities, [39] [40] [41] leading to proportionally more males than females at both the lower and upper tails of the test score distributions, caused the most controversy.

In his discussion of this hypothesis, Summers said that "even small differences in the standard deviation [between genders] will translate into very large differences in the available pool substantially out [from the mean]". He then went on to argue that, if this research were to be accepted, then "whatever the set of attributes So my best guess, to provoke you, of what's behind all of this is that the largest phenomenon, by far, is the general clash between people's legitimate family desires and employers' current desire for high power and high intensity, that in the special case of science and engineering, there are issues of intrinsic aptitude, and particularly of the variability of aptitude, and that those considerations are reinforced by what are in fact lesser factors involving socialization and continuing discrimination.

I would like nothing better than to be proved wrong, because I would like nothing better than for these problems to be addressable simply by everybody understanding what they are, and working very hard to address them. Summers then went on to discuss approaches to remedying the shortage of women in high-end science and engineering positions.

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  8. This lunch-time talk drew accusations of sexism and careless scholarship, and an intense negative response followed, both nationally and at Harvard. Sandberg described of the lunch talk "What few seem to note is that it is remarkable that he was giving the speech in the first place — that he cared enough about women's careers and their trajectory in the fields of math and science to proactively analyze the issues and talk about what was going wrong".

    On March 15, , members of the Harvard Faculty of Arts and Sciences , which instructs graduate students in Harvard Graduate School of Arts and Sciences and undergraduates in Harvard College , passed — a motion of "lack of confidence" in the leadership of Summers, with 18 abstentions. A second motion that offered a milder censure of the president passed to , also with 18 abstentions.

    The members of the Harvard Corporation , the University's highest governing body, are in charge of the selection of the president and issued statements strongly supporting Summers. FAS faculty were not unanimous in their comments on Summers. Influential psychologist Steven Pinker defended the legitimacy of Summers's January lecture. When asked if Summers's talk was "within the pale of legitimate academic discourse," Pinker responded "Good grief, shouldn't everything be within the pale of legitimate academic discourse, as long as it is presented with some degree of rigor?

    That's the difference between a university and a madrassa. There is certainly enough evidence for the hypothesis to be taken seriously. Summers had stronger support among Harvard College students than among the college faculty. Harper , resigned saying he was angered both by the university president's comments about women and by Summers being given a salary increase. The resignation letter to the president said, "I could not and cannot support a raise in your salary, I believe that Harvard's best interests require your resignation. The US government had sued Shleifer under the False Claims Act , as he bought Russian stocks while designing the country's privatisation.

    In , a federal judge ruled that while Harvard had violated the contract, Shleifer and his associate alone were liable for treble damages. In June , Harvard and Shleifer announced that they had reached a tentative settlement with the US government. Because Harvard paid almost all of the damages and allowed Shleifer to retain his faculty position, the settlement provoked allegations of favoritism on Summers.

    His continued support for Shleifer strengthened Summers's unpopularity with other professors, as reported in the Harvard Crimson:. I've been a member of this Faculty for over 45 years, and I am no longer easily shocked," is how Frederick H.

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    Abernathy, the McKay professor of mechanical engineering, began his biting comments about the Shleifer case at Tuesday's fiery Faculty meeting. But, Abernathy continued, "I was deeply shocked and disappointed by the actions of this University" in the Shleifer affair. In an 18,word article "How Harvard lost Russia" in Institutional Investor by David McClintick January , the magazine detailed Shleifer's alleged efforts to use his inside knowledge of and sway over the Russian economy in order to make lucrative personal investments, all while leading a Harvard group, advising the Russian government, that was under contract with the U.

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    The article suggests that Summers shielded his fellow economist from disciplinary action by the University, although it noted that Summers had forewarned Shleifer and his wife Nancy Zimmerman about the conflict-of-interest regulations back in An article in the Harvard Crimson in , during Summers's tenure as president, detailed a reportedly "special connection" between Summers and sex offender Jeffrey Epstein. In February of , the Winklevoss twins requested a meeting with Summers in order to ask him to intervene on their behalf in an ongoing dispute they had with Facebook founder Mark Zuckerberg.

    The Winklevosses believed that Zuckerberg had stolen their idea for a social networking website and launched Facebook on his own, after they had asked him to be a part of their project, then called HarvardConnection. Summers believed that the matter was outside the university's jurisdiction, and advised the twins to take their complaint to the courts. On February 21, , Summers announced his intention to step down at the end of the school year effective June 30, After a one-year sabbatical, Summers subsequently accepted Harvard University's invitation to serve as the Charles W.

    He is a member in the Group of Thirty. He also currently serves on the Berggruen Institute 's 21st Century Council, and was part of a Berggruen-organized meeting with Chinese president Xi Jinping. On October 19, , Summers was hired as a part-time managing director of the New York-based hedge fund D.

    Upon the inauguration of Barack Obama as president in January , Summers was appointed to the post of director of the National Economic Council. There had been friction between Summers and former Federal Reserve Chairman Paul Volcker , as Volcker accused Summers of delaying the effort to organize a panel of outside economic advisers, and Summers had cut Volcker out of White House meetings and had not shown interest in collaborating on policy solutions to the economic crisis.

    And Peter Orszag , another top economic advisor, called Summers "one of the world's most brilliant economists. Larry Summers hates infrastructure. On April 3, Summers came under renewed criticism after it was disclosed that he was paid millions of dollars the previous year by companies which he now had influence over as a public servant. In April , he was one of eight former Treasury secretaries who called on the United Kingdom to remain a member of the European Union ahead of the June Referendum.

    Summers referred to the United Kingdom's "Brexit" vote on June 23, - which concluded in favor of leaving the European Union - as the "worst self-inflicted policy wound that a country has done since the Second World War". However, Summers cautioned that the result was a "wake up call for elites everywhere" and called for "responsible nationalism" in response to simmering public sentiment. If he is elected, I would expect a protracted recession to begin within 18 months.

    The damage would be felt far beyond the United States. In , Summers emerged as one of two leading candidates, along with Janet Yellen , to succeed Ben Bernanke as head of the Federal Reserve System in The possibility of his nomination created a great deal of controversy with some Senators of both parties declaring opposition. On September 15, Summers withdrew his name from consideration for the position, writing "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery.