Fraser (1904-63) was educated at the Liverpool Institute High School and Balliol College, Oxford. He was treasurer, librarian and president of the Oxford Union Society (1925-26). He went to Princeton and Washington as a visiting fellow (1926-28), and returned to Oxford as fellow and praelector in economics at Queen's College (1928-35). He became Jaffrey professor of political economy at Aberdeen University (1935-45). He was BBC German news commentator (1940), and head of the German and Austrian Services (from 1946).
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