The German Influence on the Origin of U.S. Federal Financial Rescues

James Butkiewicz

No 11-19, Working Papers from University of Delaware, Department of Economics

Abstract: While federal financial rescues have become a common response to crises, federal provision of finance was not one of the original powers of the federal government. One man, Eugene Meyer, is largely responsible for the origin of federal financial rescues, through both the War Finance Corporation and Reconstruction Finance Corporation. Meyer learned laissez faire economics from William Graham Sumner at Yale. However, German economist Adolph Wagner’s state-socialism philosophy heavily influenced Meyer’s thinking, and Meyer developed an interventionist philosophy. Serving in key government positions, Meyer put his beliefs into practice. These channels of influence and the resulting policies are examined.

Keywords: Financial rescues; War Finance Corporation; Reconstruction Finance Corporation. (search for similar items in EconPapers)
JEL-codes: B N (search for similar items in EconPapers)
Pages: 28 pages
Date: 2011
New Economics Papers: this item is included in nep-his, nep-hme and nep-hpe
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