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

Author

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  • James L. Butkiewicz

    () (Department of Economics,University of Delaware)

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.

Suggested Citation

  • James L. Butkiewicz, 2011. "The German Influence on the Origin of U.S. Federal Financial Rescues," Working Papers 11-19, University of Delaware, Department of Economics.
  • Handle: RePEc:dlw:wpaper:11-19.
    as

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    File URL: http://graduate.lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2011/UDWP2011-19.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. James L. Butkiewicz, 2005. "Governor Eugene Meyer and the Great Contraction," Working Papers 05-01, University of Delaware, Department of Economics.
    3. Raymond J. Saulnier & Harold G. Halcrow & Neil H. Jacoby, 1958. "Federal Lending and Loan Insurance Programs for Housing," NBER Chapters,in: Federal Lending and Loan Insurance, pages 286-362 National Bureau of Economic Research, Inc.
    4. 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.
    5. 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.
    6. Raymond J. Saulnier & Harold G. Halcrow & Neil H. Jacoby, 1958. "Federal Lending and Loan Insurance Programs for Businessa and Financial Institutions," NBER Chapters,in: Federal Lending and Loan Insurance, pages 234-285 National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Financial rescues; War Finance Corporation; Reconstruction Finance Corporation.;

    JEL classification:

    • B - Schools of Economic Thought and Methodology
    • N - Economic History

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