London School of Economics
The London School of Economics was founded in 1895 by Beatrice and Sidney Webb, initially funded by a bequest of £20,000 from the estate of Henry Hunt Hutchinson. Hutchinson, a lawyer and member of the Fabian Society, left the money in trust, to be put "towards advancing its [The Fabian Society's] objects in any way they [the trustees] deem advisable". The five trustees were Sidney Webb, Edward Pease, Constance Hutchinson, William de Mattos and William Clark.
History of the London School of Economics
The famed Keynes-Hayek debates which occurred between Cambridge and the LSE still shapes the two major schools of economic thought today as nations 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 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 Harold Joseph Laski, a professor of political science at the LSE was influential in British politics as an advocate of far left policies. Many renowned world leaders including John F. Kennedy (and his brother Robert F. Kennedy) studied under his guidance at the LSE.