A:

The Mont Pelerin Society was formed in 1947 when economist Friedrich von Hayek invited 39 people to meet at Mont Pelerin in Switzerland. Mostly made up of economists, the group was brought together to discuss the state of classical Liberalism. The society wasn't formed to put forth a particular political agenda, but all of the members shared core values about the liberty of the individual and the benefits of an open society. Being economists, the topics often spilled over to studying the strengths and weaknesses of free market economics and finding free market solutions to problems.

In the first years of the society, the members focused on the problems inherent in communism and collectivism. Many members of the society were brought into government think tanks and were instrumental in forming the economic policy.

Still very much active, the Mont Pelerin Society boasts a membership featuring Nobel Memorial Prize winners, high ranking government officials, journalists, financial experts and many others from all over the world. It meets on an annual basis for a general meeting held in a different country every year. (To learn more, see our Economics Basics Tutorial.)

This question was answered by Andrew Beattie

RELATED FAQS
  1. What are some of the drawbacks of industrialization?

    Learn about the major drawbacks of industrialization, such as environmental damage, income inequality, overcrowding of cities, ... Read Answer >>
  2. What impact does industrialization have on wages?

    Discover the impact that industrialization has on wages, and how the Industrial Revolution changed human standards of living ... Read Answer >>
  3. Why is free enterprise often associated with being politically conservative?

    Find out how conservatives and free market libertarians formed unlikely political alliances in the United States in response ... Read Answer >>
  4. What is the minimum number of simulations that should be run in Monte Carlo Value ...

    Find out how many simulations should be run at minimum for an accurate value at risk when using the Monte Carlo method of ... Read Answer >>
  5. How do economists measure positive and negative externalities?

    Learn the definition of positive and negative externalities and which methods economists use to measure externalities in ... Read Answer >>
  6. How is the invisible hand affected in a communist or socialist economy?

    Discover why the invisible hand of the market is compromised by socialist and communist economies, where the government controls ... Read Answer >>
Related Articles
  1. Personal Finance

    Are College Honor Societies Really Worth It?

    College honor societies may offer substantial benefits to members and alumni, but they are not the only way for you to achieve your goals.
  2. Investing

    Using Monte Carlo Simulations in Financial Plans

    A Monte Carlo forecast can be a great tool that helps financial planners guide clients.
  3. Investing

    What Can The Monte Carlo Simulation Do For Your Portfolio?

    A Monte Carlo simulation allows analysts and advisors to convert investment chances into choices. The advantage of Monte Carlo is its ability to factor in a range of values for various inputs.
  4. Investing

    Explaining the Monte Carlo Simulation

    Monte Carlo simulation is an analysis done by running a number of different variables through a model in order to determine the different outcomes.
  5. Investing

    Multivariate Models: The Monte Carlo Analysis

    This decision-making tool integrates the idea that every decision has an impact on overall risk.
  6. Financial Advisor

    5 Reasons Why Your Software Won't Meet Fiduciary Standards

    Many advisors are finding their technology doesn't meet their needs to uphold a fiduciary standard.
  7. Investing

    Monte dei Paschi Braces for Bailout as Capital Raise Flounders

    Bondholders are wary of exchanging their debt for the Italian bank's near-worthless shares, but the alternative might be to lose it all.
  8. Investing

    Create a Monte Carlo Simulation Using Excel

    How to apply the Monte Carlo Simulation principles to a game of dice using Microsoft Excel.
RELATED TERMS
  1. Building Society

    A type of financial institution that provides banking and other ...
  2. Rate Of Adoption

    The number of members of a society who start using a new technology ...
  3. Diffusion Of Innovations Theory

    A hypothesis outlining how new technological and other advancements ...
  4. Friedrich Hayek

    A famous economist born in Vienna, Austria, in 1899. Friedrich ...
  5. Anarchy

    The condition of a society with no government. Some people think ...
  6. Ludwig von Mises

    One of the most influential Austrian economists of all time. ...
Hot Definitions
  1. SEC Form 13F

    A filing with the Securities and Exchange Commission (SEC), also known as the Information Required of Institutional Investment ...
  2. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  3. Absolute Advantage

    The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than the cost ...
  4. Nonce

    Nonce is a number added to a hashed block, that, when rehashed, meets the difficulty level restrictions.
  5. Coupon

    The annual interest rate paid on a bond, expressed as a percentage of the face value. It is also referred to as the "coupon ...
  6. Socially Responsible Investment - SRI

    Socially responsible investing looks for investments that are considered socially conscious because of the nature of the ...
Trading Center