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Why was William Randal Cremer awarded Noble Prize Peace in 1903?

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Why was William Randal Cremer awarded Noble Prize Peace in1903?Name: William Randal Cremer.
Country: Switzerland.
Date of Birth: 18 March 1828.
Died: 22 July 1908.
Profession: Advocate.
Founder: Amalgamated Society of Carpenters and Joiners.
Known as: British Liberal Member of Parliament, a pacifist, Leading advocate for international arbitration.
Noble Prize Year: Nobel Prize for Peace in 1903 for his work with the international arbitration movement.

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