In memory of Sir Evelyn de Rothschild (1931-2022)

It is with great sadness that we share the passing of Sir Evelyn de Rothschild, who had a long-standing and wide-ranging association with LSE spanning over 50 years.

Sir Evelyn was an Emeritus Governor of LSE, having served as a member of the School’s Court of Governors between 1968 and 2010. He was also an Advisory Board Member for the Grantham Research Institute on Climate Change and the Environment, and a member of the Committee for the £100 million Campaign for LSE, which ran between 1997 and 2007.

As Chairman of the Eranda Rothschild Foundation, which he created in 1967, Sir Evelyn was a committed and generous philanthropist. Since its founding, the Foundation has given more than £73 million to medical research, education and the arts. LSE is extremely grateful to Sir Evelyn for his long-term support through the Foundation, which since 1974, has provided funding for a number of priority areas including scholarships, campus redevelopment and academic-led projects.

In 2002, he set up Elephant Family, a conservation charity, with the Rajmata of Jaipur and Mark Shand, the late brother of the Queen Consort. Two years later, he and his wife, Lady de Rothschild financed an orphanage, the Lady Lynn Joyful Home for Children, in Tamil Nadu, India.

Sir Evelyn dedicated his professional life to his family’s banking empire and served as Chief Executive and Chairman of the bank NM Rothschild and Sons Ltd between 1976 and 2003. Sir Evelyn was also Chairman of E.L. Rothschild Ltd, a private investment company focussed on India.

Widely recognised as one of the leading philanthropists and financiers of his generation, Sir Evelyn was knighted by the Queen in 1989 for services to banking and finance.

Sir Evelyn served the British government in various capacities, including as Chairman of United Racecourse, and Deputy Chairman of Milton Keynes Development Corporation. He was a member of the UK Business Delegation with Prime Minister Tony Blair to South America and represented the UK at the International Institute of Strategic Studies meetings in Bahrain. He was active in many other business sectors including as Chairman of The Economist between 1972 and 1989.

We send our deepest condolences to his wife, Lady de Rothschild; children, Jessica, Anthony and David; and stepsons, Benjamin Forester Stein and John Forester Stein.

In Memory of Ian Hay Davison CBE (1931-2022)

We are deeply saddened to share the news that LSE alumnus, Emeritus Governor and Honorary Fellow, Ian Hay Davison CBE has passed away at the age of 91.

Ian was a devoted supporter and advocate of LSE. He demonstrated an unwavering commitment to supporting students through his philanthropy, and through advising LSE as member of LSE Court.

Ian Hay Davison attended Dulwich College and then the London School of Economics before completing postgraduate studies at the University of Michigan, USA.

Ian’s formidable career in finance included several high-profile regulatory roles, including chairman of the Accounting Standards Committee, Department of Trade & Industry inspector and member of the Audit Commission, before being asked by the Bank of England to become the Chief Executive and Deputy Chairman of Lloyd’s of London. He retired in 2004 but carried on as Chairman of investment firm Ruffer until 2011.

Ian’s legacy is not limited to the world of finance having spent much of his later life focusing on the arts as a trustee of the V&A and a director of the Royal Opera House, to name but a few of the voluntary roles he took on. His passion for trains also led him to become a member of the Railway Heritage Committee.

We send our deep condolences to his wife, Morny, and his loved ones.


Written by Helen Jones, Global Director of Development, LSE

In memory of Professor Jude Howell

A portrait of Professor Jude Howell in a patterned jacket and smiling at the cameraIt is with great sadness that we inform you of the passing of our colleague, Professor Jude Howell, on 29 April 2022. Jude was strongly committed to the interdisciplinary field of Development Studies and a leader in it, both in the department and well beyond.

Jude joined LSE in 2003, bringing well-established expertise on China to her teaching and research. Her 1989 D.Phil at the Institute of Development Studies of the University of Sussex addressed China’s Open Policy of 1978-1988, and resulted in her first book, published in 1993. Before joining the Department of International Development, she held positions at the University of East Anglia, the Institute of Development Studies of the University of Sussex, and LSE’s Department of Social Policy. In Jude’s own words, she was a “happy bunny” in her final university home and the department can confirm she was much-loved and appreciated in it.

Jude’s research has continued to explore the field of International Development, matching theoretical sophistication with intensive fieldwork-based research. She was fluent in Chinese and had strong academic and personal networks with scholars and activists across the Global South. While primarily a scholar of China, she also lived and worked in India, Mozambique, and Jordan. She published four more co-authored books and seven edited or co-edited ones, as well as many articles and book chapters.

Jude’s research on civil society is particularly notable, receiving many research grants and generating some of her best-known publications. Her most recent book, NGOs and Accountability in China: Child Welfare Organisations (Palgrave 2018, with XY Shang and K Fisher) showcased her dual concern with how NGOs can be held accountable even as they hold other institutions accountable. Like most of her work, this book is attentive to power relations and hierarchies in the particular conditions of authoritarianism. These are central concerns in the field of Development Studies and Jude was a leading figure in their analysis.

Beyond the academy, many governmental and non-governmental organizations sought Jude’s advice on civil society, China, and related topics. These included UNDP, UNICEF, ILO, Australian Aid, Ford Foundation, Department for International Development UK, the Foreign and Commonwealth Office UK, Save the Children, British Council, Christian Aid, and Asia Monitor Research Centre. For example, her research established a set of principles for the effective working of civil society that was used in Australia to develop a new Civil Society Engagement Framework. Its implementation led to an increase of more than $200 million in funding to NGOs.

James Putzel, a long-time colleague and fellow Professor of Development Studies, wrote:

“It is with great sadness that we witness the passing of our dear colleague Jude Howell. Jude was a modest scholar whose many decades of research and publication made her a giant in Development Studies. Her work on China and particularly her insights on civil society and labour in the country were unique and make an important and lasting contribution to our understanding of this complex giant. But her research stretched much further as indicated by the book she co-authored with Jeremy Lund that delved into the impact of the “war on terror” on civil society across the developing world. Jude was a devoted teacher, who demonstrated infinite patience even when she felt extremely impatient. She was above all an honest scholar and a principled colleague who believed deeply in the value of interdisciplinary development studies. We, at LSE, will miss her dearly, as will, I am sure, the community of scholars across the world who are trying to make sense of the problems of ‘late development’.”

Jude was a thought-provoking and effective instructor, rising to the challenges of novel forms of teaching in the pandemic. Several decades of students have taken her demanding DV432 course, China in Developmental Perspective, learning about Chinese development experiences at home as well as its relations with other countries. In recent years, she has returned to her Development Studies roots to be a core instructor in DV442, a required core course for the department’s MSc’s in Health and International Development and International Development and Humanitarian Emergencies.

One recent student, Han Yibo (MSc Development Studies 2019-2020) gave her a fitting eulogy, noting: “We talk about her, ‘hate’ her, and we love her. She is famous among Chinese students and her work on China is a must-read. Sometimes we ‘hate’ her because she is so outspoken and level-headed to our society, and it is so difficult and awkward for us to admit that she is upright… and so right. She inspires us to challenge our deep-rooted thoughts and look at China in the mirror. We all love her.” We hope that her other students can add recent memories in the “Responses” section below.

Finally, colleague Kate Meagher adds some texture to our remembrances of Jude by reminding us of who she was as a person and the things that motivated her to the very end:

“Jude was a deeply committed scholar who engaged with International Development as a vocation driven by the pursuit of justice, and interdisciplinary as well as cross-cultural understanding. She spoke of her Welsh origins and working class background as formative of her profound respect for knowledge, labour struggles and just regulatory authority. Her fluency in Chinese allowed her to decipher the complex permutations of labour struggles in China, which often took the form of labour NGOs – always with sensitivity to the risks faced by those she engaged with. Jude was active in supporting Chinese activists and scholars at risk, as well as being genuinely supportive of colleagues and a committed member of the UCU. But above all she was a vibrant and warm human being, with her maroon hair, marathon running, love of good food and joyous refusal to give up. We will miss her dearly.”

In memory of Baroness Elspeth Howe (1932-2022)

Portrait of Baroness HoweIt is with great sadness that LSE learned of the death of Baroness Elspeth Howe, the Crossbench Peer, justice of the peace, public servant and LSE alumna, who died on 22 March aged 90.

Elspeth was an energetic, witty, and much-loved champion of LSE. She spoke with great fondness of her studies here at a time when, as ever, she was blazing a trail – in this case, displaying the insight and expertise that mature learners bring to the life of a university.

Her intellectual acumen and generosity are well-remembered by those who studied with her, and we are extremely grateful for her support long after she left. As well as acting a School Governor for an extraordinary 22 years, she kindly promoted our Parliamentary Internships Programme, supporting students to take their first steps into public service and helping kick-start many successful careers.

We were delighted to welcome her back to LSE several times, such as in September 2018, when she visited our Women’s Collection in the Library and offered typically inspiring thoughts on the exhibits through the prism of her own decades of experience.

She was tirelessly dedicated to public service, and she continues to be an inspiration to students who are considering involvement in public life and looking to her achievements as an example of the possibilities available to them.

LSE Director Minouche Shafik shared her condolences saying:

“Elspeth leaves a rich and lasting legacy at LSE and will long be remembered. I am personally sorry I was never able to benefit from her guidance in the House of Lords, though I shall always be inspired by her commitment and thoughtfulness.”

In memory of Lucien Paul Foldes (1930-2021)

Lucien Foldes on the right in conversation with a female colleague. The image is black and white, and the two are in a library.Lucien Paul Foldes (1930-2021) is remembered as a much respected pioneering innovator of mathematical finance, mediating between the fledgling theory of mathematicians and established economic theory, with martingale utility-gradient methods his legacy. Engaging and collegial, quiet but sharp-witted, impeccable in both style and mathematics, he was a true gentleman of the old order – born in Vienna of Austrian-French-Hungarian parentage. Orphaned (in 1935) by the loss of his father, he emigrated to England in summer 1938 with his mother, ordained by an employment-bound visa to a post as cook to Professor Morris Ginsberg (LSE Sociology). At their hosts’ instigation, he attended Bunce Court School in Faversham, Kent (1938-1945) and Monkton Wyld School in Charmouth, Dorset (1945-1947), both progressive, then as a second-year entrant into LSE (from Regent Street Polytechnic) he read for the B. Com. (Industry and Trade), Professor Sir Arnold Plant being his tutor. In 1950 he gained First Class Honours and in 1952 an MSc. (Econ.) in Business Administration. Appointed in 1951-52 Assistant in Economics at LSE, then in 1954, on returning from compulsory National Service, Assistant Lecturer, he was promoted to Lecturer in 1955, Reader in 1961 and Professor in 1979, he retired in 1996 as Emeritus Professor of Economics, remaining throughout a member of the Financial Markets Group and the Systemic Risk Centre.

Earliest research focussed on theoretical problems of costs, capital, welfare and uncertainty, alongside `applied’ questions of pricing policy, financial control and regulation of industry. In the 1950s his thesis-led research concentrated on delegation in budgeting and control of public enterprise. During the 1960s he turned to microeconomics and welfare (investment, redistribution, monopoly) then to quantitative decision models, with focus risk and uncertainty. Deeper immersion into mathematics (analysis and probability theory – self-taught) produced a foundational contribution on expected utility and then a slew of papers in stochastic analysis of risk in investment decisions.

Among the first to use martingale methods in financial theory as optimality conditions, he was first to model price processes with general semimartingales and to introduce random measures into investment modelling. As recognised expert, he lectured on Semimartingale Calculus in Portfolio Theory at the 1992 Oberwolfach Conference on Mathematical Finance.

Foldes first considered optimal saving and consumption planning in continuous time for risky returns to capital, establishing existence of an optimal plan, characterised via martingale properties of shadow prices and finite welfare conditions.

Later he extended this framework to the Ramsey-style, Arrow-Kurz growth model encompassing a production function whereby capital (and population, the supplier of labour) determines output, introducing Brownian uncertainty into the various components. Here his martingale condition reduces to a pair of first-order nonlinear ODEs. These connect `average propensity to consume out of capital’ and `elasticity of consumption with respect to capital’. Phase-plane arguments  for economically significant parameters establish uniqueness of a trajectory through the unique pair of stable and unstable asymptotic nodes of the system (as capital tends to high or low levels) yielding the optimal consumption function. His geometric approach draws in novel tools from stable manifold theory, indicating the impact of perturbing economically significant parameters. This bears `on important classical questions of economic theory [whose resolution] should supersede various scattered results in the literature…[despite not being] related directly to statistical data…’ (Foldes).

His continued investigations were slowed by the poor condition of his heart, and his passing was precipitated by an accidental fall. He leaves widowed Carol Foldes, his constant mainstay and devoted wife (one may add also his tex-amanuensis) in a partnership of over 50 years, also forged within the LSE community.