Category Archives: Business & Finance

Jews in the World of Business and Finance

Jew of the Week: Jacques Spreiregen

The World’s Coolest Hats

Yakov Henryk Spreiregen (1894-1982) was born to a Jewish family in Warsaw. The family immigrated to France when he was a young man—where he changed his name to Jacques—and then to England to escape the First World War. Spreiregen found a job working for a hatmaker, but was soon called up to serve in the military. After returning to England following his service, he started importing military-style berets from France. He then began making his own hats from high-quality angora wool. In 1938, Spreiregen leased an old thread factory in northwest England and founded Kangol (a name he made up from “knitting angora wool”). The company initially struggled to turn a profit, and many of the first employees were his own family members. Eventually, the hats did become popular, and earned a reputation for quality and durability. During World War II, Spreiregen won a contract to outfit the British army with berets. By the end of the war, he was making a million hats a year! Kangol later outfitted the English Olympic team, and the crew of British Airways. The company went public in 1952. Two years later, Spreiregen started a new division to produce helmets and seat belts. Kangol went on to become the largest seat belt manufacturer in Europe. In 1964, Kangol made a deal with The Beatles to make their branded hats. Soon, Kangol hats were popular among American hip hop artists, too, and have since been sported by the likes of Grandmaster Flash, Madonna, Brad Pitt, and Princess Diana. The most famous wearer of Kangol hats is undoubtedly Samuel L. Jackson, who has said that it’s a family tradition going back to his grandfather. Spreiregen retired from the company in 1972. Just a few years later, it would officially become the world’s largest hatmaker. Because Americans would often ask for the “kangaroo” hats when shopping, Kangol made their logo a kangaroo in 1983, a year after Spreiregen passed away.

14 Facts You Should Know About the Book of Psalms

The Caesar Who Saved Judaism

Words of the Week

The real danger of antisemitism is not what others think of us, but what it makes us think of ourselves.
– Rabbi Manis Friedman

Jew of the Week: Milton Friedman

The Great Liberator

Milton Friedman (1912-2006) was born in Brooklyn to poor Jewish immigrants from what is today Ukraine (then part of Hungary). He graduated high school at just 15 and earned a big scholarship to Rutgers University. Initially wishing to be a mathematician, the Great Depression inspired Friedman to become an economist instead. After post-graduate studies at the University of Chicago, and a fellowship at Columbia University, Friedman headed to Washington to work as an economist for the government. To help pay for World War II, it was Friedman who introduced the payroll withholding tax system (“pay-as-you-earn”), where income taxes are deducted automatically from an employee’s paycheck. (Friedman later regretted it very much and said he wished it hadn’t been necessary.) He also spent much of the war working on weapons design and military statistics. He finally earned his Ph.D from Columbia after the war, following which he took a professorship at the University of Chicago, where he taught for the next 30 years. He wrote a popular weekly column for Newsweek, for which he won a prestigious award. His 1962 book Capitalism and Freedom was an international bestseller and made Friedman world-famous, while his A Monetary History of the United States became the standard textbook for understanding the Great Depression and the effects of monetary policy. Friedman argued passionately for a free-market economy and for the government to stay out of business. He proposed such important concepts as the permanent income hypothesis, the quantity theory of money, floating exchange rates, sequential sampling, and the natural rate of unemployment. He also argued for abolishing the Federal Reserve, whom he blamed for many economic ills. He was opposed to minimum wages and foresaw that they would actually lead to increases in unemployment. He is also credited with bringing an end to America’s military draft, transitioning the US military into an all-volunteer paid army. He believed conscription was unethical and prevented young men from choosing their own life path. Friedman later said abolishing the draft was his greatest and proudest accomplishment. Friedman won the Nobel Prize in Economics in 1976. After retiring from the University of Chicago the following year, he continued to do research in San Francisco, and also worked on a popular ten-part TV show called Free to Choose (the companion text of which was the bestselling nonfiction book of 1980). Friedman was an economic advisor to Ronald Reagan, and was called the “guru” of the Reagan administration. In 1988, he won a National Medal of Science and a Presidential Medal of Freedom. Friedman stayed busy until his final days, and his last article for The Wall Street Journal was published a day after his death! He has been called “the Great Liberator” and has been compared to Adam Smith. The Milton Friedman Prize for Advancing Liberty is named after him. He is widely considered one of history’s most significant economists. Today was his yahrzeit.

The End of World War I and the Beginning of the Jewish State

Words of the Week

A society that aims for equality before liberty will end up with neither equality nor liberty.
– Milton Friedman

Jew of the Week: Gluckel of Hameln

The Woman Who Transformed Yiddish Literature and History

Gluckel (or Glikl) bat Yehuda Leib (c. 1646-1724) was born in Hamburg to a wealthy, influential, and deeply religious Ashkenazi family. Although all Jews were expelled from Hamburg in 1649, her father was given permission to return because he was so highly respected by the German authorities. Gluckel was given a strong education, and got married at age 14 to Chaim of Hameln. The young family soon started a successful diamond and pearl business. When her beloved husband passed away, Gluckel took over the business. She became famous as one of the few women in Europe that ran her own sprawling enterprise, and that travelled alone to trade fairs and through European markets. She still took care of all 13 of her children! Gluckel eventually remarried, reluctantly, to a banker named Cerf Levy. Two years later, Levy lost his fortune, and wasted Gluckel’s too. After 12 years of marriage, Levy died and left Gluckel a widow for the second time. She slowly recovered from her losses, and lived out the rest of her life in relative solitude. Most significant for historians, Gluckel kept a detailed diary for many years, providing us with an inside look into both European and Ashkenazi Jewish life of the 17th and 18th centuries. The seven journals she wrote touch on important themes and describe key historical events, and are considered among the greatest Yiddish literary works of all time. One of Gluckel’s great-granddaughters was (former Jew of the Week) Bertha Pappenheim, who produced a German translation of Gluckel’s diaries (and is also the woman in the portrait at right, where she dressed up as Gluckel). The translation was hugely popular, and an English version was produced in 1932, as well as a fictional adaptation in 1941, and a newer translation in 2019. Another one of Gluckel’s grandchildren was renowned rabbi Samson Raphael Hirsch. In 2016, a street in Hamburg where she lived as a child was named after her (Glückel von Hameln Straße). Her yahrzeit is on the second day of Rosh Hashanah.

Shana Tova u’Metuka! Happy 5783!

17 Rosh Hashanah Facts Every Jew Should Know

7 Tips for Rosh Hashanah New Year’s Resolutions

The Origins and Meaning of Tashlich

Words of the Week

These are days of judgment as to whether we deserve anything. We only have a chance of encountering God when we allow Him into everything and educate ourselves to recognize Him in all we receive. Everything is a miracle, pure gifts we did nothing to merit: to live, to breathe, to eat and drink, to think, to laugh, to enjoy our friends and families… Rosh Hashanah is a day that protests the claim that we deserve anything. We stand naked before God and try to make ourselves at least slightly deserving of all these gifts by admitting that everything is a miracle.
– Rabbi Dr. Nathan Lopes Cardozo