Nobel Prize Nobel Prize The Nobel Prize (, ; Swedish definite form, singular: "Nobelpriset"; ) is a set of annual international awards bestowed in several categories by Swedish and Norwegian institutions in recognition of academic, cultural, or scientific advances. The will of the Swedish scientist Alfred Nobel established the five Nobel prizes in 1895. The prizes in Chemistry, Literature, Peace, Physics, and Physiology or Medicine were first awarded in 1901. In 1968, Sweden's central bank, Sveriges Riksbank, established the "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel", which, although not being a Nobel Prize, has become informally known as
Nobel Peace Prize the prize, profoundly influenced his decision to include peace as a category. Some Nobel scholars suggest it was Nobel's way to compensate for developing destructive forces. His inventions included dynamite and ballistite, both of which were used violently during his lifetime. Ballistite was used in war and the Irish Republican Brotherhood, an Irish nationalist organization, carried out dynamite attacks in the 1880s. Nobel was also instrumental in turning Bofors from an iron and steel producer into an armaments company. It is unclear why Nobel wished the Peace Prize to be administered in Norway, which was ruled in union with Sweden