Austrian Economics Center awards Richard J Stephenson Hayek Lifetime Achievement Award

Stephenson Family Foundation Founder, Paradise Valley resident honored


The Austrian Economics Center together with the Friedrich A. v. Hayek Institute celebrated the 2019 recipients of the Hayek Lifetime Achievement Award, Richard J Stephenson and Tom E. Woods, Jr. at the 10th annual Hayek Lifetime Achievement Awards Gala.

The event was held Nov. 14 at the Gartenpalais Liechtenstein. Over 300 guests gathered in honor of Mr. Stephenson and Mr. Woods, according to a press release.

H.S.H. Prince Michael of Liechtenstein presented Mr. Stephenson with the Hayek Lifetime Achievement Award in recognition of his significant entrepreneurial and philanthropic contributions to society. Mr. Woods’ Lifetime Achievement Award was presented by Dr. Ingo Friedrich, who paid tribute to Mr. Woods’ work as a noted libertarian scholar, author and media personality.

In his acceptance speech, Mr. Stephenson thanked AEC and the Hayek Institute for the “undeserved but gratefully received and appreciated” award, explaining his deeply-held belief that service to others isn’t transactional, it is a way of life.

“My parents taught me to live in accordance with a moral code: ‘When you see someone who is less well off than yourself, and you are in a unique position to do something about their plight, without harm to self, family or Lord, you simply step into the opportunity to relieve their burden, as best you can... No fuss, no muss, just go on about your business.’”
Mr. Stephenson said at the event.

“This is a joyful moment for me. It is a privilege to be honored tonight and to celebrate all the good work of which we are capable when we are free.”

Philanthropist, entrepreneur, global merchant banker and servant leader, Mr. Stephenson is the founder and chairman of Cancer Treatment Centers of America. He has been Chairman of the Board since the company’s inception in 1988.

Prior to founding CTCA, Mr. Stephenson developed a career as a highly successful international merchant banker. He graduated in 1962 from Wabash College and, while earning his J.D. degree from Northwestern University, he established International Capital Investment Company, where he still serves as Chairman.

In 1991, Mr. Stephenson founded Gateway for Cancer Research, which he still chairs and supports and which to date has raised more than $85 million to fund more than 160 cutting-edge clinical trials around the world. This nonprofit organization spends 99 cents of every dollar received from public contributions to fund these trials which have changed the course of life and hope for thousands of cancer patients, the press release stated.

“Mr. Stephenson has shown lifelong dedication to promoting entrepreneurial freedom and individual liberty as a leader, philanthropist, and entrepreneur. We are delighted to honor Mr. Stephenson and to recognize his success and service. He is a faithful proponent of the principles of the Austrian School and Friedrich A. v. Hayek, and we are grateful for his support in making sure these principles endure,” said Dr. Barbara Kolm, AEC founder and president of the Hayek Institute.

Highlighting Mr. Stephenson’s contributions to the field of cancer treatment and care, both as the founder and chairman of Cancer Treatment Centers of America and Gateway for Cancer Research, a nonprofit organization dedicated to funding early phase clinical trials, Julian Hadschieff, vice president of the Hayek Institute and CEO of PremiQaMed Group, a leading private health care provider in Austria, added:

“Mr. Stephenson is a role model in both business and philanthropy. In 1988, he created one of the first private hospital networks built on the concept of providing truly individualized care. In 1991, he founded Gateway for Cancer Research, which has raised over $85 million in support of transformational cancer research…Entrepreneurs and philanthropists like him are essential to the future of medicine.”

Special guests in attendance included members of the European Economic Senate President Rolf von Hohenau, Ingo Friedrich and Michael Jäger; President of the Center for Financial Stability, Larry Goodman; and Erich Weede, Professor Emeritus at the University of Bonn and author of Economic Development, Social Order and World Politics; Asien und der Westen and The Balance of Power, Globalization, and the Capitalist Peace.