Yitzhak Moda'i
Encyclopedia
Yitzhak Moda'i was an Israel
i politician, who served five terms in the Knesset
for Likud
and then the New Liberal Party
over the course of a 20-year career.
in Haifa, later becoming chairman of the Technion Graduates Association in 1961. He went on to study law at the Tel Aviv branch of Hebrew University of Jerusalem
, and law and economics at the London School of Economics
.
In 1961 he joined the Liberal Party
, and was a member of its directorate between 1965 and 1968. From 1969 until 1973 he served as a member of Herzliya
's municipal council.
He was first elected to the Knesset
on the Likud
list (the Liberal Party had become a faction within Likud, alongside Herut
). He was re-elected in 1977, and served as Minister of National Infrastructure
in Menachem Begin
's first government, also holding the post of Minister of Communications
between 15 January 1979 and 22 December 1980.
After being re-elected again in 1981, he became a Minister without Portfolio
, before returning to the Energy and Infrastructure post in October 1982. Following the 1984 elections
he became Minister of Finance. In 1985 he and Prime Minister Shimon Peres
devised the economic stabilization plan
that managed to curtail Israel's hyperinflation
of the early 1980s. Due to the plan, the Israeli economy
averted total collapse and inflation was reduced from an annual rate of almost 450% to less than 20% in less than two years. This plan has become a model for other countries facing similar economic situations.
On 16 April 1986 he switched to the Minister of Justice
, before leaving the cabinet on 23 July that year. He returned to the government as a Minister without Portfolio in November. Between 1984 and 1988 he also served as chairman of the Liberal Party's presidium.
After the 1988 elections
he was appointed Minister of Economics and Planning
, before returning to the Finance portfolio in 1990. On 15 March 1990 he and four other MKs (all of them former members of the Liberal Party) broke away from Likud to form the Party for the Advancement of the Zionist Idea, later renamed the New Liberal Party; however, the new party remained in the government and Moda'i became Finance Minister again in 1990.
The New Liberal Party failed to cross the electoral threshold
in the 1992 elections
and Moda'i lost his seat.
His wife, Michal Moda'i, was Miss Israel, and then president of the Women's International Zionist Organization
World. They had three children. the eldest, Harela, killed in a car accident when she was 22. Prize is awarded annually Army Radio commander in her name. Son, Boaz Modai, is a senior diplomat in the Foreign Service since September 2010 serving as Israel's ambassador to Ireland
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
i politician, who served five terms in the Knesset
Knesset
The Knesset is the unicameral legislature of Israel, located in Givat Ram, Jerusalem.-Role in Israeli Government :The legislative branch of the Israeli government, the Knesset passes all laws, elects the President and Prime Minister , approves the cabinet, and supervises the work of the government...
for Likud
Likud
Likud is the major center-right political party in Israel. It was founded in 1973 by Menachem Begin in an alliance with several right-wing and liberal parties. Likud's victory in the 1977 elections was a major turning point in the country's political history, marking the first time the left had...
and then the New Liberal Party
New Liberal Party (Israel)
The New Liberal Party was a political party in Israel in the early 1990s.-Background:The party was formed on 15 March 1990 during the twelfth Knesset by five MKs who had broken away from Likud...
over the course of a 20-year career.
Biography
Born in Tel Aviv during the Mandate era, Moda'i attended High School in Tel Aviv before studying at the TechnionTechnion - Israel Institute of Technology
The Technion – Israel Institute of Technology is a research-intensive institute of technology in Haifa, Israel. Originally called the Technikum, it was founded in 1912...
in Haifa, later becoming chairman of the Technion Graduates Association in 1961. He went on to study law at the Tel Aviv branch of Hebrew University of Jerusalem
Hebrew University of Jerusalem
The Hebrew University of Jerusalem ; ; abbreviated HUJI) is Israel's second-oldest university, after the Technion – Israel Institute of Technology. The Hebrew University has three campuses in Jerusalem and one in Rehovot. The world's largest Jewish studies library is located on its Edmond J...
, and law and economics at the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
.
In 1961 he joined the Liberal Party
Liberal Party (Israel)
The Israeli Liberal Party was a political party in Israel and is one of the ancestors of the modern-day Likud.-History:The Liberal Party was formed on 8 May 1961, towards the end of the fourth Knesset, by a merger of the General Zionists and the Progressive Party, with the new party having 14...
, and was a member of its directorate between 1965 and 1968. From 1969 until 1973 he served as a member of Herzliya
Herzliya
Herzliya is a city in the central coast of Israel, at the western part of the Tel Aviv District. It has a population of 87,000 residents. Named after Theodor Herzl, the founder of modern Zionism, Herzliya covers an area of 26 km²...
's municipal council.
He was first elected to the Knesset
Knesset
The Knesset is the unicameral legislature of Israel, located in Givat Ram, Jerusalem.-Role in Israeli Government :The legislative branch of the Israeli government, the Knesset passes all laws, elects the President and Prime Minister , approves the cabinet, and supervises the work of the government...
on the Likud
Likud
Likud is the major center-right political party in Israel. It was founded in 1973 by Menachem Begin in an alliance with several right-wing and liberal parties. Likud's victory in the 1977 elections was a major turning point in the country's political history, marking the first time the left had...
list (the Liberal Party had become a faction within Likud, alongside Herut
Herut
Herut was the major right-wing political party in Israel from the 1940s until its formal merger into Likud in 1988, and an adherent of Revisionist Zionism.-History:...
). He was re-elected in 1977, and served as Minister of National Infrastructure
National Infrastructure Minister of Israel
The National Infrastructure Minister of Israel is the political head of the Israeli Ministry of National Infrastructure. From its establishment in 1977 until 1996, the post was known as the Minister of Energy and Infrastructure . The current minister is Uzi Landau of Yisrael Beiteinu.It succeeded...
in Menachem Begin
Menachem Begin
' was a politician, founder of Likud and the sixth Prime Minister of the State of Israel. Before independence, he was the leader of the Zionist militant group Irgun, the Revisionist breakaway from the larger Jewish paramilitary organization Haganah. He proclaimed a revolt, on 1 February 1944,...
's first government, also holding the post of Minister of Communications
Communications Minister of Israel
The Communications Minister of Israel is the political head of the Israeli Ministry of Communications and a relatively minor position in the Israeli cabinet. The post was established in 1952, and until 1970 was known as the Minister of Postal Services...
between 15 January 1979 and 22 December 1980.
After being re-elected again in 1981, he became a Minister without Portfolio
Minister without Portfolio
A minister without portfolio is either a government minister with no specific responsibilities or a minister that does not head a particular ministry...
, before returning to the Energy and Infrastructure post in October 1982. Following the 1984 elections
Israeli legislative election, 1984
Elections for the eleventh Knesset were held in Israel on 23 July 1984. Voter turnout was 78.8%. The results saw the Alignment return to being the largest party in the Knesset, a status it had lost in 1977...
he became Minister of Finance. In 1985 he and Prime Minister Shimon Peres
Shimon Peres
GCMG is the ninth President of the State of Israel. Peres served twice as the eighth Prime Minister of Israel and once as Interim Prime Minister, and has been a member of 12 cabinets in a political career spanning over 66 years...
devised the economic stabilization plan
Economic Stabilization Plan (Israel 1985)
The Economic Stabilization Plan was implemented in Israel in 1985 in response to the dire domestic economic situation of the early 1980s.The background to the crisis is that the years after the 1973 Yom Kippur War were a lost decade economically, as growth stalled, inflation soared and government...
that managed to curtail Israel's hyperinflation
Hyperinflation
In economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
of the early 1980s. Due to the plan, the Israeli economy
Economy of Israel
The economy of Israel is a technologically advanced market economy, including a rapidly-developing high-tech and service sectors. As of 2010, Israel has the 24th largest economy in the world, and ranks 15th among 169 world nations on the UN's Human Development Index, which places it in the category...
averted total collapse and inflation was reduced from an annual rate of almost 450% to less than 20% in less than two years. This plan has become a model for other countries facing similar economic situations.
On 16 April 1986 he switched to the Minister of Justice
Justice Minister of Israel
The Justice Minister of Israel is the political head of the Israeli Ministry of Justice and a position in the Israeli cabinet. The current minister is Ya'akov Ne'eman, an independent who is not a member of the Knesset....
, before leaving the cabinet on 23 July that year. He returned to the government as a Minister without Portfolio in November. Between 1984 and 1988 he also served as chairman of the Liberal Party's presidium.
After the 1988 elections
Israeli legislative election, 1988
Elections for the twelfth Knesset were held in Israel on 1 November 1988. Voter turnout was 79.7%.-Results:1 Five members of the Likud left to form the Party for the Advancement of the Zionist Idea; after two returned, the party was renamed the New Liberal Party...
he was appointed Minister of Economics and Planning
Economic Strategy Minister of Israel
The Economic Strategy Minister is a member of the Israeli cabinet. The post was created following the formation of a new government in March 2009, and is held by Prime Minister Benjamin Netanyahu....
, before returning to the Finance portfolio in 1990. On 15 March 1990 he and four other MKs (all of them former members of the Liberal Party) broke away from Likud to form the Party for the Advancement of the Zionist Idea, later renamed the New Liberal Party; however, the new party remained in the government and Moda'i became Finance Minister again in 1990.
The New Liberal Party failed to cross the electoral threshold
Election threshold
In party-list proportional representation systems, an election threshold is a clause that stipulates that a party must receive a minimum percentage of votes, either nationally or within a particular district, to obtain any seats in the parliament...
in the 1992 elections
Israeli legislative election, 1992
Elections for the thirteenth Knesset were held in Israel on 23 June 1992. The result was a victory for the left, led by Yitzhak Rabin's Labor Party, though their win was at least partially due to several small right-wing parties narrowly failing to cross the electoral threshold and thus effectively...
and Moda'i lost his seat.
His wife, Michal Moda'i, was Miss Israel, and then president of the Women's International Zionist Organization
Women's International Zionist Organization
The Women's International Zionist Organization , is a volunteer organization dedicated to social welfare in all sectors of Israeli society, the advancement of the status of women, and Jewish education in Israel and the Diaspora.-History:...
World. They had three children. the eldest, Harela, killed in a car accident when she was 22. Prize is awarded annually Army Radio commander in her name. Son, Boaz Modai, is a senior diplomat in the Foreign Service since September 2010 serving as Israel's ambassador to Ireland