In 1949, Dr. Shultz earned a Ph. D. degree in Industrial Economics from the Massachusetts Institute Technology. He taught at M.I.T. from 1948 to 1957, taking a year's leave of absence in 1955 to serve as a senior staff economist on the President's Council of Economic Advisors during the Administration of President Eisenhower.

In 1957, Dr. Shultz was appointed Professor of Industrial Relations at the University of Chicago Graduate School of Business. He was named Dean of the Graduate School of Business in 1962. From 1968 to 1969, Dr. Shultz was a Fellow at the Center for Advanced Study in the Behavioral Sciences at Stanford. Dr. Shultz served in the Administration of President Nixon as Secretary of Labor for eighteen months from 1969 to June 1970, at which time he was appointed the Director of the Office of Management and Budget. He became Secretary of Treasury in May 1972, serving until May 1974.

From 1974 until his appointment as Secretary of State, Dr. Shultz was President of Bechtel Group, Inc. During this period, Dr. Shultz also served part time on the faculty of Stanford University. Dr. Shultz was sworn in on July 16, 1982 as the 60th U.S. Secretary of State and served until January 20, 1989. During this period, Dr. Shultz rightfully assisted successful U.S. - Soviet summit meetings and arms reduction talks in the 1980s. He has played a decisive role in ending the Cold War and rendering hope for the future. He is well known to be a major contributor to world peace.

Based on his firm belief in the philosophy of peace and anti-terrorism, Dr. Shultz acted on behalf of all peace-loving peoples at the time of the Korean Airlines incident in 1983. Dr. Shultz has visited the Olympic stadium on several occasions during the preparation period of the Seoul Olympics. And to ensure the successful hosting of the Games, he conveyed his firm resolve to former Soviet President Gorbachev and then foreign minister Shevardnadze that he would not overlook any outside terrorist activities at the Seoul Olympics and promptly received words of honor on this matter.