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Nobel Prizes: Annual
monetary awards granted to individuals or institutions for outstanding
contributions in the fields of physics, chemistry, physiology or medicine,
literature, international peace, and economic sciences. The Nobel prizes are
internationally recognized as the most prestigious awards in each of these
fields. The prizes were established by Swedish inventor and industrialist
Alfred
Bernhard Nobel, who set up a fund for them in his will. The first Nobel
prizes were awarded on December 10, 1901, the fifth anniversary of Nobel's
death.
In his
will, Nobel directed that most of his fortune be invested to form a fund, the
interest of which was to be distributed annually "in the form of prizes to
those who, during the preceding year, shall have conferred the greatest benefit
on mankind." He stipulated that the interest be divided into five equal
parts, each to be awarded to the person who made the most important contribution
in one of five different fields. In addition to the three scientific awards and
the literature award, a prize would go to the person who had done "the most
or the best work for fraternity among nations, for the abolition or reduction of
standing armies, and for the holding and promotion of peace congresses."
Nobel also specified certain institutions that would select the prizewinners.
The will indicated that "no consideration whatever shall be given to the
nationality of the candidates, but that the most worthy shall receive the
prize."
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