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== Awards and honours == Mundell was awarded the [[Guggenheim Fellowship]] in 1971 and the [[Nobel Memorial Prize in Economics]] in 1999.<ref>{{Cite web|title=John Simon Guggenheim Foundation {{!}} Robert A. Mundell|url=https://www.gf.org/fellows/all-fellows/robert-a-mundell/|access-date=2021-04-06|language=en-US}}</ref><ref>{{Cite web|title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1999|url=https://www.nobelprize.org/prizes/economic-sciences/1999/mundell/facts/|access-date=2021-04-06|website=NobelPrize.org|language=en-US}}</ref> In 2002 he was made a Companion of the [[Order of Canada]].<ref>{{Cite web|title=Order of Canada|url=https://archive.gg.ca/honours/search-recherche/honours-desc.asp?lang=e&TypeID=orc&id=6874|access-date=2021-04-06|website=archive.gg.ca}}</ref> In 1992, Mundell received a [[Docteur Honoris Causa]] from the [[University of Paris]]. Mundell's honorary professorships and fellowships were from [[Brookings Institution]], the University of Chicago, the [[University of Southern California]], [[McGill University]], the [[University of Pennsylvania]], the [[Bologna Center]] and [[Renmin University of China]]. He became a Fellow of the [[American Academy of Arts and Sciences]] in 1998. In June 2005 he was awarded the Global Economics Prize World Economics Institute in [[Kiel]], [[Germany]], and in September 2005 he was made a ''Cavaliere di Gran Croce del Reale Ordine del Merito sotto il Titolo di San Ludovico'' by Principe Don Carlo Ugo di Borbone Parma. The [[Mundell International University of Entrepreneurship]] in the [[Zhongguancun]] district of [[Beijing]], [[People's Republic of China]], is named in his honour.<ref>{{Cite web|date=2004-10-29|title=University Named After 'Father of the Euro' Inaugurated|url=http://english.china.org.cn/english/culture/110708.htm|access-date=2021-04-05|website=english.china.org.cn}}</ref> Mundell won the Nobel Memorial Prize in Economic Science in 1999 and gave as his prize lecture a speech titled "A Reconsideration of the Twentieth Century". According to the Nobel Prize Committee, he got the honour for "his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas". Mundell concluded in that lecture that "the international monetary system depends only on the power configuration of the countries that make it up". He divided the entire twentieth century into three parts by different periods of time: * The first third of the century, from its beginning to the Great Depression of the 1930s, economics was dominated by the confrontation of the Federal Reserve System with the gold standard. * The second third of the century was from World War II to 1973, when the international monetary system was dominated by fixing the price of gold with the US dollar. * The last third of the century started with the destruction of the old monetary system due to the problem of inflation. With the destruction of the old monetary system, a new international monetary system was finally founded. Controlling inflation by each country became a main topic during this era.
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