Widely considered the world’s most illustrious prizes, The Nobel Prizes are awarded annually to recognize outstanding achievements in the fields of Physics, Chemistry, Physiology or Medicine, Literature and Peace. First given in 1901, the prizes were established in the will of Alfred Nobel, a wealthy Swedish chemist who invented dynamite. In 1969, a new prize in economic science was established by the Bank of Sweden. The Nobel Foundation manages the administration and finances of the Nobel Prize, overseeing a fund valued at approximately $560 million. Since Norway’s Independence from Sweden in 1905, the prizes’ judging, carried out by committees of experts, has been shared between the two nations.
The choice of Nobel laureates has often been contentious. The Nobel prize for Literature, in particular has been criticised for Eurocentric focus. The Nobel Prize cannot be awarded posthumously, and thus some influential figures such as Mahatma Ghandi have never received the accolade. Because the science prizes typically commend discoveries that have stood the test of time, notable, notable scientist have failed to win because their death preceeded recognition of their works’ importance. Another rule, which limits all but the Peace Prize to a maximum of three people, is criticised for excluding some contributors when a team has made a discovery.