"Open, Accessible, and a Great Teacher": Professor Bob Aliber and His Impact

Former Booth professor Robert “Bob” Aliber (1930–2025) in many ways embodied the ideal of a caring educator during his long tenure at the University of Chicago. Friends and colleagues alike remember him for his signature bow tie, his love of rigorous debate, and the extraordinary care he showed students. However, caring educator alone doesn’t do justice to the many hats Aliber wore from the time he joined the Booth faculty in 1965, through his 40-year career, and over the course of his retirement. Aliber has been described as a world-renowned scholar, a mentor, an advisor, a devoted friend, and a lifelong student who maintained an intense curiosity through his final years. In the wake of his passing, he leaves behind a host of business leaders, students, and scholars who are grateful for his impact.

A Renowned International Economist

After receiving his PhD from Yale University in 1962, Aliber focused his research on international economics, for which he achieved global renown. His most recognizable contribution to the field was the theory of foreign direct investment, whereby Aliber argued that the strength of a country’s currency predicts whether firms from that country will engage in either foreign or domestic investment. A prolific scholar, Aliber authored six books and many academic papers during his career, publishing on currencies, international investment flows, banking crises, multinational firms, and more. Outside of academia, he wrote two different versions of a book on personal finance, Your Money and Your Life, which was first published in 1983.

Later in his career, Aliber received particular praise for his aptitude in identifying and examining the causes of shocks to international economies. His expertise in this area and careful attention to repeated economic patterns led to a prescient ability to foresee financial crises long before they occurred. Aliber was lauded for correctly predicting the US housing bubble and the 2008 Icelandic economic collapse years before they took place. He maintained a marked interest in the economy of Iceland and wrote about the country in multiple contexts, including co-editing Prelude to the Icelandic Financial Crisis (2011) with Gyfli Zoega.

An Innovative Program Creator

In 1965, Aliber was hired by George Shultz, former Booth dean and professor, to join the UChicago faculty. While at the school, Aliber created the Program of International Studies in Business and the Center for Studies in International Finance. He also became a regular panelist at Economic Outlook (formerly the Business Forecast Luncheon) and was known for his spirited debates with colleagues and his informative takes on international economies. Teaching a range of economics and finance courses, Aliber made international finance one of the most popular concentrations at Booth and was also a proponent of the school’s International Business Exchange Program.

Beyond his scholarly pursuits and teaching duties, Aliber also had a hand in recruiting other top faculty to Booth, including former professors Michael Mussa, AM ’70, PhD ’74; Jacob Frenkel, AM ’69, PhD ’70; and Rudi Dornbusch, AM ’69, PhD ’71.

“It is reasonable to say that that during the mid-1970s Bob was instrumental in helping assemble the greatest collection of talent in international economics that has ever been at a single university,” said Anil Kashyap, the Stevens Distinguished Service Professor of Economics and Finance at Booth, during a retirement celebration for Aliber in 2005.

A Dedicated Mentor

Aliber’s research and program innovation didn’t interfere with his dedication to his students, for whom his office door was always open.

“When I was a first-year MBA student, I was walking down 55th Street,” says David Beecken, MBA ’70, who established the Robert Z. Aliber Scholarship Fund last year in honor of his former teacher. “[Professor Aliber] was on the other side of the street and called me over to chat. He treated everyone the same. He was open, accessible, and a great teacher—inside the classroom and out.”

Aliber’s teaching style consisted of asking questions intended to push the limits of his students’ thinking.

"When I finished my thesis, it was entirely theoretical, with no empirical work,” recalls Bernie Yeung, MBA ’81, PhD ’84. “Bob asked me a question that has stayed with me since: ‘Can you tell me a story based on the theory?’ That simple question changed the way I approach research. He encouraged me to develop intuition first and let it guide my questions, as well as both theoretical and empirical inquiry. Even now, many years later, that lesson continues to shape the way I work."

Aliber’s lessons extended past graduation for many of his students, including Keith Breslauer, MBA ’88, who describes himself as “[Aliber’s] student for 37 years.” Two decades after Breslauer graduated from Booth, Aliber began serving as an advisor to Breslauer’s firm, continuing to impart his wisdom and knowledge.

“When I set up my company, Patron Capital, I reconnected [with Professor Aliber] and asked him to join my board as a senior advisor. … Over the course of the past 16 years or so, he helped me and my team understand the wider world from his lens and also how to consider difficult problems to better understand the complexities of our environment,” says Breslauer.

A Lifelong Student

After his retirement, Aliber maintained a robust speaking schedule, engaging with the Booth community both in the United States and internationally. He spoke at events in Chicago, New York, Miami, Dallas, and Denver, and also traveled internationally to speak in London, Athens, Tokyo, and Hong Kong, among other locations.

Jacqueline Winter, AM ’77, Aliber’s partner, says it was his humility and curiosity that fueled Aliber’s continued engagement with the school and its community.

“I always asked how he felt about a given talk, and he measured his ‘success’ by the questions asked. He was open to academic argument, to corrections, to varying points of view, and to genuine conversation,” says Winter.

For all of his positive qualities and contributions to Booth over the years, it may be Aliber’s continued curiosity and his embrace of scholarly debate that left the biggest impression on those who knew him.

“I watched him grow into his elder years,” says Breslauer, “and despite all his physical challenges, he remained intellectually acute and exceptionally curious. This last characteristic drove him, and frankly, inspired those around him, both young and old.”

If you would like to contribute to the Robert Z. Aliber Scholarship Fund, gifts may be made here.

An excerpt of this story appeared in the Fall 2025 print issue of Chicago Booth Magazine.