News

Dear professors, teaching assistans, students and friends of UDG,

It is with deep regret and profound sadness that we inform you that professor Svetozar Steve Pejovich, one of the founders of the University of Donja Gorica and one of the most influential American economists, passed away in Texas at the age of 90.

Svetozar Steve Pejovich was one of the greatest contributors to the modern theory of property rights. As this theory was accepted worldwide, he quickly became one of the most prominent American economists, originally from Montenegro, from village Orasi in Ljesanska nahija. After he graduated from the Faculty of Law in Belgrade in 1955, he moved to the U.S. to live and work. He earned his PhD in Economics at Georgetown University in Washington in 1963. Steve was Professor Emeritus at Texas A&M University. During his 25-year long career at this university Steve was, among other things, Head of the Department of Economics and President of the University. His contribution to the development of liberal economic thought and to the A&M University is best illustrated by the fact that the College of Liberal Arts established an award for students, future leaders, named after him. Professor Pejovich was a professor and one of the founders of the Faculty for international economics, finance and business at UDG in Podgorica and the President of the Council of Postgraduate studies “Entrepreneurial Economics” at UDG. In 2005, Faculty of Law in Belgrade awarded him honorary doctorate. He collaborated with the world’s most famous foundations and institutes such as the Heritage Foundation, Atlas Economic Research Foundation, Liberty fund, Institute ICER in Italy… He is the author of great amount of very influential books and articles in the field of economic theory (the bibliography of his works is attached).

Despite all the great professional achievements, people who had a privilege to know him were mostly fascinated by his humanity, or, as his Montenegrin ancestors would say – his honour. As if Marko Miljanov, a famous Montenegrin author, had Steve’s picture in front of him, when he wrote: “A hero leads a horse to a human”. Let us be humans before being heroes. Indeed, Steve – the scientists (hero), led the horse to Svetozar – a great human. It was hard to meet a man with such empathy, understanding and willingness to help others. To help others meant to give them a chance, provide them with an opportunity, to motivate and encourage them… Many young people from Eastern Europe, especially from Yugoslavia, were blessed by Steve’s bliss, his words of encouragement and the energy of his recommendations. Steve was a man of infinite sincerity and honesty as large as ocean.

In 1993 Steve held first lectures at Postgraduate studies “Entrepreneurial Economics”. He was the President of the Council of these studies ever since. Development of economic thought in Montenegro would probably go in a different direction if there were not hundreds of students who attended and were moved by Steve’s lectures.

If someone was the exact opposite of an artificial image of a libertarian as someone guided by greed, money, lust for power and status symbols, prejudicially made by the opponents of liberalism, it was Svetozar Steve Pejovich. He was a man whose attitude towards life, his moral norms, honesty and spirit were the best examples of the strength and true energy of liberalism – the energy of a liberated and free individual!

As a sign of eternal gratitude and memory of Professor Pejovich, UDG has established a foundation named after him, aimed at supporting the most promising students and young associates at UDG!