Martin Wolf accepts the Gerald Loeb Lifetime Achievement Award

On June 27, at a ceremony in New York, Martin Wolf, the FT’s chief economics commentator, received the Gerald Loeb Lifetime Achievement Award for distinguished business and financial journalism.

Timothy Geithner, former US Treasury secretary, gave the speech of introduction for Martin. After accepting the prize, Martin delivered the following speech.

I never planned to become a journalist. At the age of 41, in 1987, I still expected to pursue the career as a policy-oriented economist I had begun at the World Bank in 1971. Then, quite unexpectedly, the then editor of the Financial Times, Geoffrey Owen, who had published some letters and articles of mine, in my then capacity as director of studies for the London-based Trade Policy Research Centre, asked me whether I would like to be chief economics leader writer. I hesitated and then accepted. I knew I could write arguments and that I had plenty of opinions. I also thought it would be enjoyable. So, indeed, it has proved. I was chief economics leader writer until 1996 and have been the FT’s chief economics commentator ever since. 

Commentary is not reporting. I admire the integrity and persistence of my reporting colleagues. But the commentary I write requires somewhat different qualities: above all, the ability to create clear — and, one hopes, sound — arguments upon important issues. The urge must be to clarify. The clarity of one’s reasoning should help readers achieve comprehension even if they disagree with the arguments and those even turn out to be mistaken (as occasionally happens).

My opinions have altered as the world has unfolded. I make no apologies for this. Those who have not changed their opinions over a lifetime do not think. But my values have not altered. I inherited them from my parents, both refugees from Hitler’s Europe. I believe in democracy and so in the obligations of citizenship, in individual liberty and so in the freedom of opinion, and in the Enlightenment and so in the primacy of truth. The role of the fourth estate is, in my view, to serve these great causes. I am proud to have been one of its servants. 

May I thank the Loeb Awards for this great honour given to me and also the FT. I thank my good friend Tim Geithner for having introduced me so kindly. I thank the FT for being a superb publication and for having given me such a wonderful home for so long. I especially thank a succession of supportive editors. May I finally thank my readers. They keep the FT alive by their subscriptions. These readers understand the difference between news and lies, and between analysis and propaganda. They are keeping the flame of truth alive in dark times. I am grateful. We are grateful.

martin.wolf@ft.com