Sam Walton

Samuel Moore Walton (March 29, 1918 – April 5, 1992) was the founder of the giant American retailer Wal-Mart.

Legacy

Many of Wal-Mart's products are manufactured in Central American maquilas that pay very low wages, in countries where workers lack basic human rights such pensions, accident compensation, eight hour workdays and 5 day workweeks, available in industrialized countries. In 1985, Sam Walton began a program to stem the tide of communism in Central America, and promote capitalism and privatization. It was a "scholarship" program to bring Central American students to Christian universities in the United States. It was hoped that this would create sympathy for capitalism and privatization, instead of communism and public ownership.

Related Topics:
Central America - Maquila - 1985 - Capitalism - Privatization - Communism

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

In 1998 Walton was included in Time Magazines list of 100 most influential people of the 20th Century. Walton was honored for all his pioneering efforts in retail in March 1992, when he received the Presidential Medal of Freedom from President George H. W. Bush.

Related Topics:
1998 - Time Magazine - 20th Century - 1992 - Presidential Medal of Freedom - George H. W. Bush

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Forbes ranked Sam Walton as the richest man in the United States from 1985 to 1988, ceding the top spot to John Kluge in 1989 only because the editors began to credit Walton's fortune jointly to him and his four children. (Bill Gates first headed the list in 1992, the year Walton died). Wal-Mart Stores Incorporated also runs Sam's Club warehouse stores. Wal-Mart stores operate in Mexico, Canada, Argentina, Brazil, South Korea, China, Germany, and Puerto Rico.

Related Topics:
Forbes - 1985 - 1988 - John Kluge - 1989 - Bill Gates - 1992 - Sam's Club - Mexico - Canada - Argentina - Brazil - South Korea - China - Germany - Puerto Rico

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

He left his ownership in Wal-Mart to his wife and their children: S. Robson "Rob" Walton, John T. Walton, Jim Walton, and Alice Walton. Rob Walton succeeded his father as the Chairman of the Board of Wal-Mart, and John was a director until his death in a 2005 plane crash. The others are not directly involved in the company (except through their voting power as shareholders). The Walton family held 5 spots in the top 10 richest people in the United States until 2005. Two daughters of Sam's brother Bud Walton, Ann Kroenke and Nancy Laurie, hold smaller shares in the company and are also billionaires in their own right. If alive today, Sam Walton would be the world's wealthiest person, twice as rich as Bill Gates. Today, some people say about him: "He was a good guy except if he was running you out of business."

Related Topics:
S. Robson "Rob" Walton - John T. Walton - Jim Walton - Alice Walton - Chairman of the Board - 2005 - Ann Kroenke - Nancy Laurie - Billionaire - Bill Gates

~ ~ ~ ~ ~ ~ ~ ~ ~ ~