By Richard Bradley
It is the richest, so much influential, strongest collage on this planet, yet at first of 2001, Harvard was once in crisis. scholars complained Harvard schooling had grown mediocre. Professors charged that the collage cared extra approximately cash than approximately studying. and everybody fearful that Harvard's outgoing president, Neil Rudenstine, epitomized an unsatisfied development: the college president as full-time fund-raiser. Harvard could have possessed a $19 billion endowment, yet had the college misplaced its soul?
The contributors of the Harvard company, the ultra-secretive governing board tested greater than 3 centuries in the past, knew they had to behave. and they made a daring decide for Harvard's twenty-seventh president: former Treasury Secretary and highbrow prodigy economist Lawrence Summers.
Although famously terrific, Summers used to be a high-stakes gamble. within the Nineteen Nineties he had crafted American rules to stabilize the worldwide financial system, quietly turning into one of many world's strongest males. yet whereas many favorite Summers, his critics referred to as him elitist, imperialist, and boastful past measure.
Today Larry Summers sits atop a college in a kingdom of upheaval, not sure of what it stands for and the place it really is going. His allies think that Harvard wishes shaking up and take pleasure in Summer's blunt language and unabashed monitors of strength. His foes accuse the recent president of tearing aside a venerable establishment just to remake it in his personal photo. At stake isn't just the way forward for Harvard college, however the means within which Harvard scholars see the realm -- and the style within which they're going to lead it.
Written regardless of the university's professional competition, Harvard Rules uncovers what fairly is going on in the back of Harvard's storied partitions -- the politics, intercourse, ambition, infighting, and intrigue that run rampant in the world's most crucial university.
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Extra resources for Harvard Rules: The Struggle for the Soul of the World's Most Powerful University
We took a kayak there, took a large kayak back. As we were coming THE REMARKABLE , CONTROVERSIAL CAREER OF LARRY SUMMERS 29 back from that village that had just gotten its first water well, somebody stuck a cell phone in my face and said, ‘Bob Rubin has a question for you’ . . “All I could think about was that we were in Africa, in the middle of nowhere, three hours from the capital city, and there was this cell phone. ’ Nine years later, in the middle of Africa, what does it show? I think it shows a hallmark of a new economy.
Maybe, as he approached middle age, he sensed that the likelihood of the prize was slipping away. Especially because he’d already learned that life could be short. 16 HARVARD RULES To be fair, economics, especially at its highest levels, is a viciously competitive field, almost entirely dominated by men, many with rapacious egos and cutthroat instincts. Often they are trained in graduate seminars where aggression is encouraged and survival requires attacking your peer’s ideas before he slices and dices yours.
Unlike most of the anti-globalization activists who still criticized Summers over the World Bank memo, Stiglitz had the academic credentials to take Summers on as an intellectual peer— or perhaps even from an elevated position. D. in economics at MIT, Stiglitz began his teaching career at Yale, where he received tenure at age twenty-seven—one year younger than Summers was when he received tenure at Harvard. In 1979, at the age of thirty-five, Stiglitz won the John Bates Clark Medal, the same award that Summers would win at thirty-eight.