Winners of Global Economy Prize Announced

Honored as pioneers of a cosmopolitan, economically liberal, and public-spirited society, this year's laureates are:

Prof. Dr. Horst Köhler, German politician and economist. Former Federal President of Germany and Managing Director of the International Monetary Fund. Category: Politics

Brunello Cucinelli, Italian fashion designer. Founder, Chairman and CEO of Brunello Cucinelli S.p.A. Category: Business

Arundhati Bhattacharya, Indian banker. Chairperson of the State Bank of India. Category: Business

Prof. Assar Lindbeck, Ph.D., Swedish economist. Professor of International Economics at the University of Stockholm. Category: Economics

Prof. Dennis Snower, President of the Institute for the World Economy (IfW), Dr. Ulf Kämpfer, Mayor of the City of Kiel, and Consul Klaus-Hinrich Vater, Vice-President of Schleswig-Holstein Chamber of Commerce and Industry (IHK) and also President of the IHK in Kiel, presented the winners to the press today.

"This year's winners have made the socially vulnerable and disadvantaged the focus of their work. They therefore represent a central concern of the Kiel Institute and the core idea behind the Global Economy Prize, i.e., making people and their social well-being the central focus of economic activity," said Dennis Snower, commenting on the jury's choices.

He applauded Assar Lindbeck for his research, which is aimed at helping those left behind by structural change and globalization find a way to share in society's prosperity. "To him, free and open competition has always meant the opportunity to break down antiquated structures and provide equal opportunities for all. His insider-outsider theory explains how too little competition in the labor market prevents the unemployed from returning to the workforce," said Snower.

"Both in his role as President of the Federal Republic of Germany and as economic expert, IMF Managing Director, and UN advisor, Horst Köhler has always campaigned on behalf of freedom, democracy, and peace," said Ulf Kämpfer. "His efforts to combat poverty in Africa and his commitment to establishing new global development goals serve as an example for us all. I am particularly pleased that this year the Global Economy Prize is going to a former resident of Kiel."

"My special appreciation goes to both laureates in the Business category for their entrepreneurial achievements, along with my personal respect for their commitment above and beyond business," said Klaus-Hinrich Vater. "Arundhati Bhattacharya has succeeded in a largely male-dominated industry and, moreover, in a heavily male-dominated country. She has given the SBI a new face," said Vater. "Moreover, by introducing a sabbatical leave policy, she has created an opportunity for all SBI's female employees to achieve a better balance between their jobs and the challenges of family life; this is perhaps an even more impressive achievement."

"Brunello Cucinelli created his company from the ground up, but right from the start it was about more than achieving business success. His goal was and remains to give the people in his region new, long-term prospects and the feeling of being needed," said Vater. "He represents the tradition of the honorable merchant at its best."

The Global Economy Prize awards ceremony will take place on Sunday, June 18, during the Kieler Woche festival, in Kiel City Hall. All of the laureates are expected to attend.

More information about the Ceremony and this year's winners,

Global Economy Prize