Read the given passage and answer the questions that follow:
The Nobel Foundation is a private institution founded on 29 June 1900 to manage the finances and administration of the Nobel Prizes. In many ways, the Nobel Foundation is similar to an investment company, in that it invests Nobel’s money to create a solid funding base for the prizes and the administrative activities. The Nobel Foundation is exempt from all taxes in Sweden (since 1946) and from investment taxes in the United States (since 1953). Since the 1980s, the foundation’s investments have become more profitable.
Alfred Nobel — a wealthy Swedish industrialist and inventor of dynamite — had been subjected to controversy due to his gained wealth from an invention used in conflicts and wars. In 1894, Nobel purchased the Bofors iron and steel mill, which he made into a major armaments manufacturer. Nobel also invented ballistite. He amassed a fortune during his lifetime, with most of his wealth coming from his 355 inventions, of which dynamite was the most famous.
As the inventor of dynamite and other explosives, Nobel did not have the best public image. In fact, when his brother Ludvig died, a French newspaper confused him with Alfred and used the headline: “The merchant of death is dead.” It then stated that Nobel “became rich by finding ways to kill more people faster than ever before.” It is believed that the premature obituary was possibly what motivated Nobel to create the namesake prizes in order to enhance his legacy.
On November 27, 1895, Nobel signed his last will and testament that the largest share of his fortune would go to a series of prizes. In Nobel’s will, one part was dedicated to “the person who shall have done the most or the best work for fraternity between nations, for the abolition or reduction of standing armies and for the holding and promotion of peace congresses”. Five years after his death, the first awards were handed out in 1901. The Nobel Peace Prize is one of the five awards given in physics, chemistry, physiology or medicine, literature and peace. Although economics was not included as one of the five Nobel Prizes that were established by Alfred Nobel’s will in 1895, the economics award, established in 1968, is administered and referred to along with the Nobel Prizes.
The Nobel Peace Prize has often led to controversies. The prize committee has been accused of being politically motivated, subjective and sometimes basing the award on aspiration rather than achievements. The selection process has at times been marred by accusations of sexism, and racism and the award committee being Eurocentric. Further criticism holds that the Nobel Peace Prize has become increasingly politicized, in which people are awarded for aspiration rather than accomplishment, which has allowed for the prize to be used for political effect but can cause perverse consequences due to the neglect of existing power politics.