Nobel Prize

Annual international prize, first awarded in 1901 under the will of Alfred Nobel, Swedish chemist, who invented dynamite. The interest on the Nobel endowment fund is divided annually among the persons who have made the greatest contributions in the fields of physics, chemistry, medicine, literature, and world peace. The first four are awarded by academic committees based in Sweden, while the Nobel Prize for Peace is awarded by a committee of the Norwegian parliament. A sixth prize, for economics, financed by the Swedish National Bank, was first awarded in 1969. The prizes have a large cash award and are given to organizations - such as the United Nations peacekeeping forces, which received the Nobel Prize for Peace in 1988 - as well as individuals.