Shultz, George P. - from United States
Country of meeting: Mandalay in the year 2008
He taught at MIT from 1948 to 1957, taking a leave of absence in 1955 to take a position on President Dwight D. Eisenhower's Council of Economic Advisers. After serving as dean of the University of Chicago Graduate School of Business, he accepted President Richard Nixon's appointment as United States Secretary of Labor. In that position, he imposed the Philadelphia Plan on construction contractors who refused to accept black members, marking the first use of racial quotas by the federal government. In 1970, he became the first Director of the Office of Management and Budget, and he served in that position until his appointment as United States Secretary of the Treasury in 1972. In that role, Shultz supported the Nixon shock (which sought to revive the ailing economy in part by abolishing the gold standard) and presided over the end of the Bretton Woods system.
Shultz left the Nixon administration in 1974 to become an executive at Bechtel. After becoming president and director of that company, he accepted President Ronald Reagan's offer to serve as United States Secretary of State. He held that office from 1982 to 1989. Shultz pushed for Reagan to establish relations with Soviet leader Mikhail Gorbachev, which led to a thaw between the United States and the Soviet Union. He opposed the U.S. aid to rebels trying to overthrow the Sandinistas using funds from an illegal sale of weapons to Iran that led to the Iran–Contra affair.
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