The publication describes the long way to the foundation of an independent university of economics in Czechoslovakia in 1953. It also provides a general historical overview of higher economic education in the First Czechoslovak Republic which became the cradle of an autonomous teaching of business and economic disciplines at the university level. The publication depicts briefly also earlier history of higher education in economic and business disciplines from their very beginnings, i.e. from the mid-17th century to the break-up of Austria-Hungary. Particular attention is paid not only to the First-Republic university education but also to the establishment and operation of the Business University in Prague (VŠO), predecessor of the later VŠE. Subsequently, the turbulent period after World War II, particularly after 1948, is discussed in detail, as that period preceded the actual foundation of the University of Economics in Prague in 1953.