Owen D. Young
Owen D. Young
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Full Name and Common Aliases
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Owen Drew Young was an American lawyer, diplomat, engineer, and financier who is widely recognized for his significant contributions to the global economy.
Birth and Death Dates
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Born on October 21, 1874, in Berne, New York
Passed away on January 31, 1962, at the age of 87
Nationality and Profession(s)
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Owen D. Young was an American national who served as a lawyer, diplomat, engineer, and financier throughout his illustrious career.
Early Life and Background
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Young's family had a strong presence in Berne, New York, where he grew up surrounded by the rolling hills of the countryside. He began his education at home before attending high school in nearby Middleburg. Young then proceeded to study at Cornell University, graduating with honors from the College of Engineering in 1897 and later earned his law degree from Cornell Law School in 1900.
Major Accomplishments
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Some of Owen D. Young's notable accomplishments include:
Diplomatic Career: He served as a diplomat during World War I and played a crucial role in negotiating the Treaty of Versailles, which imposed harsh penalties on Germany.
Reconstruction Finance Corporation: In 1932, President Herbert Hoover appointed Young to head the Reconstruction Finance Corporation (RFC), a government agency designed to stabilize the economy by providing financing for businesses and infrastructure projects.
Notable Works or Actions
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Young's work with the RFC helped stabilize the economy during the Great Depression. He also played a crucial role in establishing General Motors as an international company, serving on its board of directors from 1917 until his death in 1962.
Impact and Legacy
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Owen D. Young's impact on the global economy is undeniable. His diplomatic efforts helped shape the post-World War I world order, while his work with the RFC demonstrated his commitment to stabilizing economies during times of crisis. He was a true statesman who left an indelible mark on the world.
Why They Are Widely Quoted or Remembered
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Owen D. Young's quotes often reflect his diplomatic and business acumen, as well as his commitment to stability and growth. His words offer valuable insights into the complex challenges of international relations and economic development. As a highly respected figure in his time, his legacy continues to inspire leaders around the world today.
Quotes by Owen D. Young
Capital which overreaches for profits; labor which overreaches for wages, or a public which overreaches for bargains will all destroy such other. There is no salvation for us on that road.
We wake up to find the whole world building competitive trade barriers, just as we found it a few years ago building competitive armaments. We are trying to reduce armaments to preserve the world's solvency. We shall have to reduce competitive trade barriers to preserve the world's sanity. As between the two, trade barriers are more destructive than armaments and more threatening to the peace of the world.
I really believe that more harm is done by old men who cling to their influence than by young men who anticipate it.
Government means politics, and interference by government carries with it always the implication of coercion. We may accept the expanding power of bureaucrats so long as we bask in their friendly smile. But it is a dangerous temptation. Today politics may be our friend and tomorrow we may be its victims.
We are not to judge thrift solely by the test of saving or spending. If one spends what he should prudently save, that certainly is to be deplored. But if one saves what he should prudently spend, that is not necessarily to be commended. A wise balance between the two is the desired end.
What I am concerned about in this fast-moving world in a time of crises, both in foreign and domestic affairs, is not so much a program as a spirit of approach, not so much a mind as a heart. A program lives today and dies tomorrow. A mind, if it be open, may change with each new day, but the spirit and the heart are as unchanging as the tides.
