Nobel Peace Prize for the abolition or reduction of standing armies and for the holding and promotion of peace congresses". Alfred Nobel's will further specified that the prize be awarded by a committee of five people chosen by the Norwegian Parliament. Nobel died in 1896 and he did not leave an explanation for choosing peace as a prize category. As he was a trained chemical engineer, the categories for chemistry and physics were obvious choices. The reasoning behind the peace prize is less clear. According to the Norwegian Nobel Committee, his friendship with Bertha von Suttner, a peace activist and later recipient of
Nobel Prize did not award any prizes. In 1944, the Nobel Foundation, together with the three members in exile, made sure that nominations were submitted for the Peace Prize and that the prize could be awarded once again. In 1968, Sveriges Riksbank (Sweden's central bank) celebrated its 300th anniversary by donating a large sum of money to the Nobel Foundation to be used to set up a prize in honor of Nobel. The following year, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded for the first time. The Royal Swedish Academy of Sciences became responsible for