The Co-Directors

To facilitate an understanding of the scope, scale and focus of the Institute, short biographical sketches of Institute founders Galambos and Hanke are presented.



Prof. Galambos – Louis Galambos is a Professor of Economic and Business History and Editor of The Papers of Dwight David Eisenhower (21 volumes) at The Johns Hopkins University. He has served as President of the Business History Conference and the Economic History Association. A former editor of The Journal of Economic History, he has written extensively on U.S. business history, on business-government relations, on the economic aspects of modern institutional development in America, and on the rise of the bureaucratic state. His books include Competition and Cooperation: The Emergence of a Modern Trade Association; The Changing Economic Order; The Public Image of Big Business in America, 1880-1940; America at Middle Age; and The Rise of the Corporate Commonwealth: U.S. Business and Public Policy in the Twentieth Century. He is president and a principal of the Business History Group, a consulting organization, and has been an historical consultant to Merck & Co., Inc., Pacific Telesis Group, AT&T, and the World Bank Group.

In addition to editing The Papers of Dwight David Eisenhower, Galambos has edited (with Robert Gallman) the Cambridge University Press series Studies in Economic History and Policy: The United States in the Twentieth Century. At Johns Hopkins University Press, he has edited The Johns Hopkins/AT&T Series in Telephone History and has published extensively on the historical development of America’s telecommunications system and its relationship with the government. He is co-author of The Fall of the Bell System and most recently Anytime, Anywhere: Entrepreneurship and the Creation of a Wireless World.

Prof. Galambos’ major current interest is the process of innovation and its links to the growth of large-scale organizations, professional institutions, and new government programs in the twentieth century. He began this line of inquiry with his analysis of the Bell System and is continuing his research and writing on this subject in a series of studies of the pharmaceutical firm Merck & Co., Inc. He authored the historical section of Values and Visions: A Merck Century, the company’s centennial volume. Also related are three recent books he coauthored that have been published by Cambridge University Press: Networks of Innovation: Vaccine Development at Merck, Sharp & Dohme, and Mulford, 1895-1995; Medicine, Science and Merck; and The Moral Corporation (the last two works were co-authored with Dr. Roy Vagelos, former Chairman of Merck). His study of The Creative Society – and the Price Americans Paid for It is forthcoming in 2011 at Cambridge University Press.



Prof. HankeProf. Hanke – Steve H. Hanke is a Professor of Applied Economics and Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore.  He is a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C.; a Senior Advisor at the Renmin University of China’s International Monetary Research Institute in Beijing; a Special Counselor to the Center for Financial Stability in New York; and a contributing editor at Globe Asia Magazine.  Prof. Hanke is also a member of the Charter Council of the Society of Economic Measurement and the Financial Advisory Council of the United Arab Emirates.

In the past, Prof. Hanke taught economics at the Colorado School of Mines and the University of California, Berkeley.  He served as a Member of the Governor’s Council of Economic Advisers in Maryland in 1976-77; as a Senior Economist on President Reagan’s Council of Economic Advisers in 1981-82; and as a Senior Advisor to the Joint Economic Committee of the U.S. Congress in 1984-88.  Prof. Hanke also served as a State Counselor to both the Republic of Lithuania in 1994-96 and the Republic of Montenegro in 1999-2003.  He was also an Advisor to the Presidents of Bulgaria in 1997-2002, Venezuela in 1995-96, and Indonesia in 1998.  He played an important role in establishing new currency regimes in Argentina, Estonia, Bulgaria, Bosnia-Herzegovina, Ecuador, Lithuania, and Montenegro.  Prof. Hanke has also advised the governments of many other countries, including Albania, Kazakhstan, and Yugoslavia. 

Prof. Hanke is a Distinguished Associate of the International Atlantic Economic Society; a Distinguished Professor at the Universitas Pelita Harapan in Jakarta, Indonesia; and a Professor Asociado (the highest honor awarded to international experts of acknowledged competence) at the Universidad del Azuay in Cuenca, Ecuador.  He has been awarded honorary doctorate degrees by the Bulgarian Academy of Sciences, the Universidad San Francisco de Quito, the Free University of Tbilisi, and Istanbul Kültür University, in honor of his scholarship on exchange-rate regimes.  In 1998, he was named one of the twenty-five most influential people in the world by World Trade Magazine.

Prof. Hanke is a well-known currency and commodity trader.  Currently, he serves as Chairman of Richmond Optimus, LLC – a global macro hedge fund located in Richmond, Virginia.  He is also a member of the Supervisory Board of Advanced Metallurgical Group N.V., in Amsterdam, and Chairman Emeritus of the Friedberg Mercantile Group, Inc. in Toronto.  During the 1990s, he served as President of Toronto Trust Argentina in Buenos Aires, the world’s best-performing emerging market mutual fund in 1995.

Prof. Hanke’s most recent books are Zimbabwe: Hyperinflation to Growth (2008) and A Blueprint for a Safe, Sound Georgian Lari (2010).                

Prof. Hanke and his wife, Liliane, reside in Baltimore and Paris.