Thammasat University (TU), apart from being the second oldest university in Thailand, is also one of the best known and respected. Officially established on 27 June 1934, the University was initially named, by Dr. Pridi Banomyong, ‘Vichar Thammasat Lae Karn Muang' – ‘The University of Moral Science and Politics.' It had started out as an open university, with 7,094 people enrolled for its first academic year. The main goal of the University's foundation was “to teach students to love and cherish democracy.” In 1949, there was a change in the University's curriculum and academic structure. Essentially, four distinct faculties were created – the Faculties of Law, Political Science, Commerce and Accountancy, and Economics. Only in the year 1952 was the name ‘Vichar Thammasat Lae Karn Muang' changed to the present-day ‘Thammasat University.' Moreover, in 1960 the university ended its open-university status and has since required the national entrance examinations for admission. Thammasat University was also significant for being Thailand 's first university to incorporate a Faculty of Liberal Arts, thus introducing a liberal arts education in the country. This was a significant innovation in Thailand 's higher education system.