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and the LSE still shapes the two major schools of economic thought today as countries still debate the merits of the welfare state versus an economy solely controlled by the market. LSE's influence upon modern economics is undeniable since it both formed the very basis for economic thought as well as
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The School was founded with the initial intention of renewing the training of
Britain's political and business elite, which seemed to be faltering due to inadequate teaching and research - the number of postgraduate students was dwarfed by those in other countries. A year before the founding, the
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Supposedly the decision to found the school was made at a breakfast party on 4 August 1894. All believed in advancing socialist causes by reformist rather than revolutionary means, and the LSE was established to further the
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aim of bettering society, focusing on research on issues of poverty, inequality and related issues. This led the
Fabians, and the LSE, to be one of the main influences on the
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shaped modern perception of free market economics. Hayek's works continue to influence the study of economics across the globe. At the other extreme, during these years
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in
Bloomsbury, and began enrolling students for bachelor's degrees and doctorates in the same year. At the same time, the LSE began expanding into other areas of
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movement (who also first met at LSE). In 1900, the School became officially recognised as a
Faculty of Economics within the much larger
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While the LSE's initial reputation was that of a socialist-leaning institution, this had changed by the 1960s, with LSE Director
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resigned over allegations that the LSE had accepted donations from the Libyan government in return for favourable treatment.
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to No. 10 Adelphi
Terrace in September 1896, continuing to expand through the next couple of years thanks to Shaw. In 1902,
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dining club was regularly meeting in the
Library, and they affected the development of LSE along with the Fabians and the
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was appointed as a professor and he brought about the ascendancy of the LSE through his famous debates with
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for the power to award its own degrees. Degree-awarding powers being granted, the LSE continued to award
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The School expanded rapidly and was moved along with its newly established library, the
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The LSE's arms appear above the main entrance to the Old
Building, which opened in 1922.
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fighting hard to remove LSE from its Fabian roots. This led to many
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is a recent former
Director of the LSE, and a key proponent of
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In 2002, it was reported that the school had applied to the
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Keynes Hayek : the clash that defined modern economics
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degrees until
February 2007, when the LSE's Director, Sir
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pushed for the need to advance the systematic study of
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The famed Keynes-Hayek debates which occurred between
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223:to bring higher education to the working classes.
189:British Association for the Advancement of Science
304:During these years and under the directorship of
236:British Library of Political and Economic Science
520:(1st ed.). New York: W.W. Norton & Co.
142:dates from 1895, when the School was founded by
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644:Lord Woolf's Inquiry into the LSE and Libya
57:"History of the London School of Economics"
551:"LSE plan to break rank piles on pressure"
611:. London School of Economics. August 2007
471:A piece of Fabian history unveiled at LSE
359:) studied under his guidance at the LSE.
108:Learn how and when to remove this message
577:"London trio to award their own degrees"
446:London School of Economics Gaddafi links
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300:was LSE Director from 1919 until 1937.
581:The Times Higher Education Supplement
575:Attwood, Rebecca (23 February 2007).
555:The Times Higher Education Supplement
436:2007/08 are now awarded LSE degrees.
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549:Goddard, Alison (22 November 2002).
46:adding citations to reliable sources
660:History of the University of London
493:. Paris: Sciences Po, les presses.
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327:In 1939, with the outbreak of the
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211:Sciences Po
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407:Tony Blair
337:Peterhouse
282:and aside
268:psychology
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586:25 August
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377:third way
344:Cambridge
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280:Aldwych
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