The German Influence on the Origin of U.S. Federal Financial Rescues
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.
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- James L. Butkiewicz, 1999. "The Reconstruction Finance Corporation, the Gold Standard, and the Banking Panic of 1933," Southern Economic Journal, Southern Economic Association, vol. 66(2), pages 271-293, October.
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- James L. Butkiewicz, 2005. "Governor Eugene Meyer and the Great Contraction," Working Papers 05-01, University of Delaware, Department of Economics.
- Raymond J. Saulnier & Harold G. Halcrow & Neil H. Jacoby, 1958. "The Economic Significance of Federal Lending and Loan Insurance," NBER Chapters, in: Federal Lending and Loan Insurance, pages 101-148 National Bureau of Economic Research, Inc.
- Butkiewicz James L., 1995. "The Impact of a Lender of Last Resort during the Great Depression: The Case of the Reconstruction Finance Corporation," Explorations in Economic History, Elsevier, vol. 32(2), pages 197-216, April.
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