I 1TUTE FOR ADVANCED STUDY l ruth recognized <strong>the</strong> importance of <strong>the</strong> Faculty's idea to create a chair that would allow <strong>the</strong> renewed presence of economics in <strong>the</strong> School of Social Science. The Albert O. Hirschman Chair was created with leadership gifts from Deutsche Bank, Richard B. Fisher, Giorgio and Elly Petronio, The Horace W. Goldsmith Foundation, and Daniel and loanna Rose, toge<strong>the</strong>r with <strong>the</strong> support of past Members of <strong>the</strong> School of Social Sci- i<strong>the</strong>r Trustees and Friends of <strong>the</strong> <strong>Institute</strong>, and friends of Albert and Sarah 1 lirschman. We anticipate that this will make a major difference to <strong>the</strong> <strong>Institute</strong>. The W.M. Keck Foundation this <strong>year</strong> awarded <strong>the</strong> School of Natural Sciences a challenge grant in support of a program in which scientists grapple with some of <strong>the</strong> puzzles of modern observational astronomy using tools of modern <strong>the</strong>oretical physics. The <strong>Institute</strong> is uniquely suited to this sort of program. First, research in this kind of <strong>for</strong>efront science requires individuals with a deep immersion in astrophysics as well as outstanding people- in <strong>the</strong>oretical physics. The <strong>Institute</strong> Faculty is composed of <strong>the</strong> rare individuals who can lead such research. Second, <strong>the</strong> <strong>Institute</strong> provides a venue <strong>for</strong> sustained research, both individual and collaborative, that contributes to <strong>the</strong> intellectual enrichment of entire fields. This is a rare opportunity <strong>for</strong> outstanding young scientists to focus on research in an exciting area of science tor a continuous period of time. O<strong>the</strong>r foundations and corporations have also provided very important program support <strong>for</strong> areas such as <strong>the</strong>oretical biology, <strong>the</strong>oretical computer science, and <strong>the</strong> IAS/Park City Ma<strong>the</strong>matics <strong>Institute</strong>. Datek Online ditected its fitst-ever corporate gift to <strong>the</strong> <strong>Institute</strong>, and generous grants were received also from <strong>the</strong> David &. Lucile Packatd Foundation, Andrew W. Mellon Foundation, RGK Foundation, Alfred P. Sloan Foundation, J. Seward Johnson, Sr. Charitable Trusts, The Seavet <strong>Institute</strong>, <strong>the</strong> Florence Gould Foundation, ( Seraldine R. Dodge Foundation, Toyota USA Foundation, W.K. Kellogg Foundation, The Starr Foundation, The Spencer Foundation, <strong>the</strong> Ford Foundation, <strong>the</strong> John D. and Ca<strong>the</strong>rine T. MacArthur Foundation, and <strong>the</strong> Gladys Krieble Delmas Foundation. The Clay Ma<strong>the</strong>matics <strong>Institute</strong> operated programs in conjunction with <strong>the</strong> <strong>Institute</strong>'s School ot Ma<strong>the</strong>matics. To each of <strong>the</strong>se and to all foundations and corporations who so kindly supported <strong>the</strong> work oi <strong>the</strong> <strong>Institute</strong>, 1 extend our appreciation. Five <strong>year</strong>s ago Trustee 1 [amish Maxwell drew <strong>the</strong> attention of <strong>the</strong> Board to <strong>the</strong> impor- tance ol attracting new funds to <strong>the</strong> endowment. Since <strong>the</strong>n, with <strong>the</strong> leadership of Michael Bloomberg and Vartan Gregorian and a remarkable team ettort involving <strong>the</strong> Board and Faculty, <strong>the</strong> <strong>Institute</strong> has met some critical development goals. In addition to Trustees mentioned elsewhere in my report, I especially want to note <strong>the</strong> support this vear of Richard Black, Martin Chooljian, Theodore Cross, Ralph Hansmann, lmmanuel Kohn, Martin Leibowitz, Robert Menschel, Ladislaus von Hoffmann, Brian Wruble, and Mortimei Zuc kerman. W i ire immensely grateful tor each and every gift to <strong>the</strong> <strong>Institute</strong>, and in this regard I particularly want to thank <strong>the</strong> members of <strong>the</strong> Assoi iation of Members of <strong>the</strong> <strong>Institute</strong> i,.t <strong>Advanced</strong> <strong>Study</strong> (AMIAS), <strong>the</strong> Friends of <strong>the</strong> <strong>Institute</strong>, and <strong>the</strong> members of <strong>the</strong> Einstein 1 ega< j So( iety. It is iu\ pleasure to welcome David K.P. Li, Chairman and Chief Executive of The Bank of last Asia, I united, who was elected a member of <strong>the</strong> Board of Trustees on May 5' . He was a member of <strong>the</strong> Legislative Council of <strong>the</strong> Hong Kong Special Administrative 16
REPORT OF THE CHAIRMAN Region and has served as Legislative Councillor since 1985. Dr. Li serves on <strong>the</strong> Board of Directors of Dow Jones &. Company and several o<strong>the</strong>r companies in Hong Kong and overseas, including Sime Darby Hong Kong Limited, Sime Darby Berhad, and South China Morning Post (Holdings) Limited. He is a graduate of Cambridge University and holds an M.A. degree in Economics and Law. It is a rare privilege to serve an institution as intellectually vital as <strong>the</strong> <strong>Institute</strong> <strong>for</strong> <strong>Advanced</strong> <strong>Study</strong>. Such centers of scholarship are more essential than ever be<strong>for</strong>e, more to be valued, more to be sustained. To <strong>the</strong> Faculty, AM1AS, Friends, Trustees, to <strong>the</strong> Director and his remarkable team, and to all o<strong>the</strong>rs who contribute to this unique enter- prise, I express my gratitude. James D. Wolfensohn Chairman 17
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