Friedrich von Hayek received the Nobel Prize in Economic Sciences (jointly) in 1974 for his pioneering work in the theory of money and economic fluctuations and for a penetrating analysis of the interdependence of economic, social and institutional phenomena.
He lectured at LSE from 1931 to 1950 and was professor of economic science and statistics. He has been described as the 20th century's leading philosopher of liberty.
Hayek found international fame with the publication of The Road to Serfdom in 1944, an account of how democratic socialism can be subverted to totalitarianism. He developed the idea of an international society of liberal intellectuals 'to work out the principles which would secure the preservation of society'. His idea came to life with the foundation of the Mont Pèlerin Society, which Hayek considered was one of his greatest achievements.