The Instituto Tecnológico Autónomo de México (in English: Mexico Autonomous Institute of Technology), commonly known as ITAM, is a private Ph.D.-granting research university located in Mexico City, Mexico. It is one of the nation's preeminent institutions of higher learning, the best private university in Mexico according to El Universal; the best undergraduate Accounting, Business, International Relations and Economics school in Mexico City according to Reforma; and the best Business School in Latin America according to America Economia (2010). Also, it is considered one of Mexico's think tanks. ITAM was founded as the Instituto Tecnológico de México (ITM), on March 29, 1946 under the aegis of the Mexican Association of Culture (Asociación Mexicana de Cultura). A group of wealthy individuals with interests in banking, industry and commerce, led by Don Raúl Baillères, created the institution with the goal of using higher education as a promoter of economic and industrial change in Mexico. It was originally an Economics School and one year later it opened its undergraduate Business School.