Bob Stegeman: Do you have anything further to say about the Institute of Politics?
Fred Rudolph: I think the students resented it because it had nothing to do with them, except that it took the president away for a couple of months each year as he was lining up the program. It was a summer operation that started in 1921 and lasted until about 1932 or 1933. It attracted about 800 to 900 people, which was a great boon to the Williamstown economy. People paid to come. It was a chance for countries to explain themselves and argue for their policies. Mussolini sent people from Italy. Like Chautauqua, the institute was a good way to combine a vacation with intellectual stimulation. It was undoubtedly good PR for Williams and Williamstown. According to Garfield’s account, the idea came to him one restless night at the President’s House. So he talked with his old college roommate Bentley Warren (Class of 1885), chairman of the Board of Trustees. Warren liked the idea. Then Garfield talked with Bernard Baruch, who said, “Let’s do it. I’ll pay for it.”
1) There is a great senior thesis to be written about the Institute of Politics. If you are a political science major, you ought to write it.
2) In some sense, the Summer Institute in American Foreign Policy, led by our own Professor James McAllister, is a direct descendant of the IOP. Did any readers attend this year? How did it go?
3) The single most important thing that Adam Falk could do to ensure the future wealth (and, therefore, success) of Williams 200 years from now is to make Williams the best undergraduate college in the world for students interested in finance. We need a finance concentration, followed by a finance major and then a finance department. Along with that, we ought to establish an “Institute of Finance,” modeled directly on the history of the “Institute of Politics.”
Invite Ephs in finance for a week or two meeting each summer in Williamstown. Much time would be spent on golf and hiking (just as at Herb Allen’s ’62 annual Sun Valley meeting). There would be panels and discussions, featuring both alumni and faculty. Several dozen students would be invited to spend the summer in Williamstown, preparing for the meeting, working with professors on finance-related research and so on.
Over time (and with much hard work), this event could grow in significance and importance, even if most/all of the attendees were Ephs. It would make Williams famous for the quality of its finance education and more likely to appeal to applicants interested in finance, especially those that we currently lose to Harvard/Yale/Princeton. An Institute of Finance would bind the community of finance Ephs — students, faculty and alumni — together and more tightly to Williams as an institution.