2003 Plank Summer Institute
Raymond Plank ’40, CEO of the Apache Oil Co., attributes much of his success to his teachers. In 1979, to show his appreciation and esteem for teachers, Mr. Plank presented Blake with an endowed fund that established the Plank Summer Institute, an opportunity for teachers in the Greater Twin Cities to discover the worlds of business and economics. For 24 years, the Plank Institute has provided teachers with a weeklong summer learning experience that focuses on unique aspects of business and economics in Minnesota.
The theme of the 2003 Plank Summer Institute was "integrity," one of Blake’s core values and a topic that has received increased consideration worldwide due to recent corporate scandals. Teacher participants reflected on the role of integrity as it applies to the broad spectrum of businesses, from corporations to entrepreneurial businesses. Dick McFarland, retired CEO of Dain Rauscher and chair of the Minneapolis Foundation, kicked off a week of exciting presentations and site visits by sharing with participants his beliefs around the importance of corporate ethics, especially as it relates to leadership. Ron James, CEO of the Center for Ethical Business rounded out this ethical lens on business with a presentation addressing the development of corporate leadership, from the classroom to the boardroom. Other presenters included Martha Robertson, a former state senator who discussed the role of government in business, and Yale-educated Pakou Hang, who described her family's produce and Asian spring roll business at the St. Paul Farmer's Market and her expertise in socially responsible corporate investing. University of Minnesota assistant professor Laura Kalimbokidis, Ph.D. introduced economics principles and tax policy, and participants visited the Federal Reserve Bank in Minneapolis. A team of well-known federal economists, Dr. V.V. Chari, Dr. Art Rolnick, Dr. Ellen McGrattan and Rob Grunewald, discussed various trends in economics. Chocolatier Brian McElrath regaled participants with stories of the establishment of his entrepreneurial venture and tickled their palates with a tasting of some of his award-winning chocolates.
Historical tours of Minneapolis and St. Paul have been a tradition during Institute week. This year the tours were preceded by a Minneapolis Foundation-hosted tour of three agencies serving the Somali, Hmong and Hispanic/Latino immigrant communities. No discussion of the evolution of business and economics in the Twin Cities could be complete without an investigation of the significant influence of immigration. Extensive tours of Minneapolis and St. Paul, led by professors from the University of Minnesota and Macalester College, emphasized the positive impact of many immigrant groups on neighborhoods and some of the challenges immigrants face as they have attempted to acclimate to their new surroundings.
At the end of the Institute, the participants reported that they had gained new perspectives on business and economics, as well as re-charged batteries for the imminent school year — just what Raymond Plank intended.
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