London School of Economics

The London School of Economics is probably one of the most prestigious and recognized social science institutions in the world.  The London School of Economics, more commonly known as the LSE, was founded in 1895 with funding provided by private philanthropy groups.  Their mission at the time was to study economic and political issues of the day in order to eliminate poverty and inequality of populations.  This was to be achieved through the reform of existing social practices instead of revolution.  One of the more notable founders of the school was the famous writer George Bernard Shaw.

The original purpose of the school was to renew the concept of continuing education for the political and business elite, which had been waning for some time and was definitely not on par with other countries.  By the year 1900, The University of London recognized the LSE as a Faculty of Economics and allowed the school to enroll students for bachelor’s degrees and doctorates.  It was then that the school expanded into other social sciences including international relations, philosophy, history, sociology and psychology.

With new resources and a more accomplished faculty, the LSE focused their curriculum on the merits of a socialist economy and quickly became the founder of what is now known as modern economics.  During this time, the LSE and Cambridge debates over the socialist verses the free market economies formed the two schools of thought which are prevalent in economics today. By the 1960’s, the school incorporated the ideas of free market economics along with the strict teachings of a welfare state to create a more balanced philosophy.  This approach has been used by world leaders like Tony Blair and Bill Clinton to recognize wealth inequalities while still retaining the practice of a free market.

Currently, the LSE enjoys quite a bit of political clout, with most of its graduates going into accounting, the practice of law, and investment banking.  LSE graduates have a reputation for excelling and many go on to serve the country of England in official capacities.  Quite a percentage of graduates even become household names by way of the British Parliament or other public offices.

The LSE has remained a single faculty institution and distinguishes itself by concentrating solely on the study and research of the social sciences.  Because many of the disciplines are similar, students are allowed to enroll in classes in other departments for the purposes of auditing.  This practice provides students with a better understanding of the social sciences as a whole and helps them with their main course of study.

Competition to get into the school is fierce, and even though there are approximately 8,600 students enrolled, this represents only 5-10% of the applications received each year.  This makes the LSE the most competitive school to get into in the country.  As well, 58% of the student body is made up of post-graduate students, which is also unique for this kind of institution.  The school remains part of the University of London and also has affiliations with other universities internationally.

The LSE maintains its original student union, which is known for heated debating during the day and lively and entertaining venues at night.  The LSE still remains one of the most politically active hotspots in London and lives up to its reputation that started with the student riots of 1968-69.

The LSE continually promotes the advancement of the social sciences through research, debate, partnerships with other universities, and a lecture series that features world leaders’ views on the ever-expanding global economy.

Posted in Economic Growth & Development