Instituted in 1968, it is the highest literary award set up by the Booker Company and the British Publishers Association along the lines of the Pultizer Prize of USA, worth $20,000 (1992). The Booker Prize has only been shared in 1974 and 1992. Since 2002, it has been known as the ‘Man Booker Prize’, reflecting the sponsorship by an investment company, the Man Group plc. The winner receives £50,000 and both the winner and the shorlisted authors are guaranteed a world wide readership plus a dramatic increase in book sales.

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