The Young Plan, a major international effort to restructure Germany's World War I debt obligations, cemented Owen D. Young’s global influence during the interwar period. This initiative, which proposed a reduction and extension of reparations over fifty-nine annual payments, earned the American lawyer, businessman, and diplomat the distinction of being named Time Person of the Year in 1929.
Early Life and Education
Born on October 27, 1874, in the town of Stark, New York, Young was the son of Jacob Smith Young and Ida Brandow. He attended the East Springfield Academy before pursuing higher education at St. Lawrence University, graduating in 1894. He subsequently completed a law degree at Boston University, graduating cum laude in 1896. During his formative years at St. Lawrence, he embraced Unitarian Universalism and joined the Beta Theta Pi fraternity.
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Young established his reputation in corporate law before joining General Electric as Chief Counsel in 1912. He eventually served as GE president in 1922 and chairman from 1922 until 1939. During this tenure, alongside president Gerard Swope, he expanded the company’s manufacturing of home electrical appliances. In 1919, he founded the Radio Corporation of America to counter foreign dominance in wireless communications, serving as its chairman until 1929.
Diplomacy and Political Engagement
Beginning with his participation in Woodrow Wilson’s Second Industrial Conference, Young advised five American presidents. In 1924, he coauthored the Dawes Plan to reduce annual German reparations. He later chaired the committee that produced the Young Plan, which sought a final settlement for German obligations. In 1932, he was considered a candidate for the Democratic presidential nomination, though he did not campaign actively.
Personal Life and Legacy
Young married Josephine Sheldon Edmonds in 1898, and they had five children: Charles, John, Josephine, Philip, and Richard. Following his first wife's death, he married Louise Powis Clark. He served on the board of trustees for the Rockefeller Foundation from 1928 until 1939 and contributed to the planning of the New York state university system. Young died in St. Augustine in 1962 and was interred at the Van Hornesville Cemetery.
Fast facts
- Born: 1874, Stark, New York
- Died: 1962, St. Augustine
- Education: St. Lawrence University, Boston University School of Law
- Spouses: Josephine Sheldon Edmonds, Louise Powis Clark
- Key Achievement: Creation of the Radio Corporation of America (RCA)
- Notable Award: Time Person of the Year, 1929
- Major Diplomatic Work: The Young Plan
Questions readers ask
What was the primary purpose of the Young Plan?
The plan aimed to settle Germany's World War I reparations by reducing the total amount and spreading payments over 59 years.
What role did Young play at the Radio Corporation of America?
He founded RCA as a General Electric subsidiary in 1919 and served as its first chairman until 1929.
Achievements
- Educated at Boston University School of Law, St. Lawrence University and Boston University
- Worked as economist, diplomat and lawyer