Henry Wallich
Henry Christopher Wallich | |
|---|---|
| Born | 10 June 1914 Berlin, Germany |
| Died | 15 September 1988 (aged 74) |
| Occupation | Economist |
| Years active | 1941–1986 |
| Known for | Federal Reserve Board of Governors (1974–1986), economic columnist for Newsweek, tax-based incomes policy proposal |
Henry Christopher Wallich (June 10, 1914 – September 15, 1988) was a German-American economist notable for his tenure on the Federal Reserve Board of Governors between 1974 and 1986. Prior to this, he contributed to the Council of Economic Advisers during President Dwight D. Eisenhower's administration and held an academic position at Yale University. Wallich gained prominence as an economic columnist for Newsweek from 1965 until his Federal Reserve appointment, frequently sharing the platform with economists Milton Friedman and Paul Samuelson. Their joint writings in 1967 were honored with a Gerald Loeb Special Award in 1968.
Early life
Originating from a banking family in Berlin, Wallich had one brother and one sister. His professional journey began at the Federal Reserve Bank of New York in 1941, where he ultimately headed the foreign research section. He completed his doctorate at Harvard University in 1944 and acquired U.S. citizenship that same year.
Work
Wallich's expertise centered on emerging economies, providing advisory services to leaders in Puerto Rico, the Dominican Republic, and Cuba before Castro’s regime. Between 1972 and 1973, he served on the advisory board for the Arms Control and Disarmament Agency and acted as the U.S. delegate to the United Nations Experts Panel examining the economic impacts of the arms race. Before his Federal Reserve appointment, he held leadership roles including directorships at Phoenix Mutual Life Insurance Company, United Illuminating Company, Lionel Edie Capital Fund, and First New Haven National Bank.
Appointed by President Richard Nixon, Wallich was one of seven Governors on the Federal Reserve Board from 1974 until stepping down in 1986 due to health concerns. In 1971, alongside economist Sidney Weintraub, he introduced a tax-based incomes policy (TIP) aimed at curbing inflation by imposing income-tax surcharges on firms exceeding wage limits; this proposal was ultimately not implemented. During his Federal Reserve service, Wallich acted as the chief liaison with the Bank for International Settlements in Basel, Switzerland, which facilitates cooperation among central banks worldwide.
Personal life and later years
In 1950, Wallich married Mable Inness Brown, an economist hailing from Floral Park, Long Island; their acquaintance began while both were employed at the Federal Reserve Bank of New York. After experiencing declining health and undergoing surgery for a brain tumor, he passed away in 1988 at age 74 at George Washington University Hospital. He was survived by his wife Mable, mother Hildegard, and children Christine, Anna, and Paul Wallich.
Works
- The Mainsprings of the German Revival (1955)
- The Cost of Freedom, Conservatives and Modern Capitalism, The Case For A Free Economy (1960)
Awards
- 1974 Gerald Loeb Award for Columns/Editorial for "Trust Busting the USA"
References
- International Monetary Cooperation: Essays in Honor of Henry C. Wallich (1987)