The University of National and World Economy (Bulgarian: Университет за национално и световно стопанство) is a university located in Sofia, Bulgaria. University of National and World Economy (UNWE) is one of the biggest and oldest higher educational institutions of economics in the Republic of Bulgaria and South Eastern Europe with a history of almost 90 years. It was co-founded by Stefan Bobchev and the Russian emigre Peter Bogaevsky. UNWE was founded in 1920 as the Free University of Political and Economic Sciences (FUPES) with ordinance of the Minister of Public Education. In 1940 FUPES was transformed into the State Higher Education School of Finance and Administrative Sciences (SHESFA) and in 1947 SHESFA was transformed into a Faculty of Economic and Social Sciences at Sofia University. The autonomy of the higher school was regained in 1952 under the name Higher Institute of Economics (HIE). In 1953 the institute was named after Karl Marx. On April 27, 1990 the Academic Board (AB) passed a resolution renaming the Karl Marx Higher Institute of Economics into the University of National and World Economy.