The Center for the History of Political Economy at Duke University has recently received a $5 million grant.

The grant, which was given by the Charles Koch Foundation, will help the center implement various improvements including adding faculty, expanding relationships with students and partnering with the Rubenstein Library to hire a digital librarian.

“We’re excited to support Duke’s faculty as they continue to build on years of innovative work in the field of economic history,” said Ryan Stowers, vice president of the Charles Koch Foundation, in a press release. “The center’s study allows others to learn from and build on the lesson of the past—the way different economic theories have played out in different societies.”

Bruce Caldwell, director of the center, shared his excitement about the new grant.

“Duke has long been strong in the history of economics,” Caldwell said to Duke Today. “We’re excited to build on the strength that already exists here and take it to the next level.”

The Center was founded in 2008 and serves to promote and support the research and teaching of economics within Duke. Visitors can participate in workshop programs and lunches hosted by the center or explore the center’s Economic Papers’ Archive, a collection of academic papers from more than sixty economists.

The center also holds a fellowship program in which scholars can develop research in the history of political economy or complete a dissertation.

Caldwell said that the grant will allow the center to bolster its already expansive programs and opportunities, which have a global reach.

“People literally come here from around the planet,” Caldwell said.