Department of Economics

Eugene Meyer: From Laissez Faire to the Keynesian Revolution

Department of Economics

University of Delaware

Working Paper #2006-09

Eugene Meyer: From Laissez Faire to the Keynesian Revolution

James L. Butkiewicz 


While federal financial intermediation in widely accepted, federal provision of finance was not one of the original powers of the federal government.  Federal financial intermediation began during WW I through the War Finance Corporation (WFC).  When the Wilson administration wanted to end the program after the war, one man, Republican Eugene Meyer fought to extend the life and expand role of the WFC.  During the Great Contraction, Meyer, now Governor of the Federal Reserve Board, worked to temporarily revive the War Finance Corporation in the form of the Reconstruction Finance Corporation (RFC).  However inadvertent to Meyer’s intentions, the RFC and related programs and agencies became the vehicles for a vastly expanded role for direct federal government finance during the New Deal years and to the present. 

The Lerner College is home to a state-of-the-art financial trading facility, the $1.5 million student-led Blue Hen Investment Club, a student-managed restaurant and hotel, a high-technology development center of a global bank and a start-up experience for students with new business ideas.

Undergraduate scholarships, made possible through the generosity of alumni and friends, enable us to support promising scholars. Here, Delaware Gov. Jack Markell and his mother, Leni Markell, join recipients of the William Markell Scholarship (center), which benefits students in Accounting and MIS.

The Institute for Financial Services Analytics is a collaboration between the Lerner College, UD's College of Engineering and JPMorgan Chase, and hosts events for academics and the business community designed to address consumer analytics and industry applications.

All Lerner College departments offer discovery learning experiences and emphasize data-based analytics to enrich the student experience. Here, students at Vita Nova, our award-winning restaurant run through HRIM, joined professional chefs and winemakers in hosting a 2014 Mid-Atlantic Wine and Food Festival event.

Lerner College faculty - like Meryl Gardner, whose research on foods and moods was recently published in the Journal of Consumer Psychology - are thought leaders who command attention from influential business audiences, economists and policy makers.

  • Alfred Lerner College of Business & Economics
    303 Alfred Lerner Hall  •  Newark, DE 19716  •  USA  •  ©