Peter Thomas Bauer

Peter Thomas Bauer, Baron Bauer (born 6 November 1915 in Budapest, Austria-Hungary; died 2 May 2002 in London, England) was a development economist. Bauer is best remembered for his opposition to the widely held notion that the most effective manner to help developing countries advance is through state-controlled foreign aid.

Bauer was born as Péter Tamás Bauer in Budapest, Austria-Hungary, in 1915. He studied law in Budapest before embarking for England in 1934 to study economics at Gonville and Caius College, Cambridge, from which he graduated in 1937. After a brief period in the private sector working for Guthrie & Co., a London-based merchant house that conducted business in the Far East, Bauer spent most of his career at the London School of Economics. Bauer started teaching there in 1960 and retired in 1983 as Emeritus Professor of Economics. With the support of his friend and admirer Prime Minister Margaret Thatcher, he was created a life peer as Baron Bauer, of Market Ward in the City of Cambridge on 15 February 1983. Lord Bauer was also a fellow of the British Academy and a member of the Mont Pelerin Society, which was founded by his friend Friedrich Hayek.

In 1978, Bauer received an Honorary Doctoral Degree at Universidad Francisco Marroquin for his contributions to economics.

In 2002, he won the Friedman Prize for Advancing Liberty; as part of his award, The Cato Institute cited his courage in espousing an approach almost universally opposed in post-World War II international economic circles. Bauer told London's Daily Telegraph: "I am truly honoured. I have long admired The Cato Institute and Milton Friedman, and recognition by both could not be more delightful."

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