News Release

May 3, 2002

Cato Institute Mourns Passing of Professor Peter Bauer
First Milton Friedman Liberty Prize will be Posthumously Awarded to Bauer on May 9

WASHINGTON -- The Cato Institute is saddened by the news of the death of Peter Bauer, professor emeritus of the London School of Economics, who passed away at his London home last evening, Thursday, May 2. Professor Bauer was a leading voice for economic liberty in developing countries.

On April 18, Professor Bauer was selected to be the first recipient of the Milton Friedman Prize for Advancing Liberty. He was planning to travel to the United States from Britain to accept the award on May 9 at the 25th Anniversary dinner of the Cato Institute. The tribute and award ceremony will take place at the dinner, led by John Blundell, director of the Institute of Economic Affairs in London. Blundell will read Professor Bauer's acceptance speech at the dinner.

Cato Institute President Edward Crane had the following comments: "The world lost a great man last night, and the Cato Institute lost a dear friend. Peter Bauer was one of the most courageous advocates of liberty I have ever known. While this is a great loss, I am so pleased that Peter lived to learn he had won the first Milton Friedman Prize for Advancing Liberty. It is recognition at the highest level of his life's work. The media coverage of the prize resulted in dozens of letters of congratulations from people all over the globe. Peter was thrilled and gratified by the attention he received in the weeks before his death. It was attention well earned."

A nine-member international committee selected Professor Bauer as the first recipient of the Cato Institute Milton Friedman Prize for Advancing Liberty. Distinguished committee members who selected Professor Bauer for his achievement in promoting human freedom and individual liberty include former British Prime Minister Margaret Thatcher, former Czechoslovak Prime Minister Vaclav Klaus, Italian Defense Minister Antonio Martino, Hong Kong/Taiwan entrepreneur Jimmy Lai, Peruvian author Hernando de Soto, John Blundell, director of the Institute of Economic Affairs in London, Rose Friedman, economist and wife of Milton Friedman, and Cato President Edward H. Crane.

Professor Bauer was chosen for his pioneering work in development economics, where he stood virtually alone for many years as a critic of state-led development policy for poor Third World countries, with its emphasis on central planning and external foreign aid.

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