Act of Independence of Lithuania of Jonas Basanavičius, who led the Council of Lithuania when the Act of 16 February was signed. The Jonas Basanavičius Prize is bestowed for distinguished work within the previous five years in the fields of ethnic and cultural studies. Act of Independence of Lithuania The Act of Reinstating Independence of Lithuania () or Act of 16 February was signed by the Council of Lithuania on 16 February 1918, proclaiming the restoration of an independent State of Lithuania, governed by democratic principles, with Vilnius as its capital. The Act was signed by all twenty representatives of the Council, which was chaired
Socialist Party of Lithuania regulated, socially oriented market economy - with the production forces and relations of production the managements goal. Markets in the system - as far as possible, and state regulation - as needed. It considers the principles of state regulation as the best economic development incentive. The LSP ideology was based on the methodology of dialectical materialism, the theory of Marxism and contemporary social science. It believed that Socialists should unambiguously disassociate from Stalinist and totalitarian theories and practice. LSP propagated what it believed to be the new 21st century socialism. Socialist Party of Lithuania Socialist Party of Lithuania () was