<p>At that time, big business was held in low regard, contempt actually, by a good chunk of rich kids from the Northeast, and demand for undergrad business programs was low. Moreover, NYC was dirty, dangerous, and in financial crisis, I assume Philadelphia was close to the same. The area around Columbia was quite not good, and the same could be said for the area around Penn.</p>
<p>The entrance stats for Penn's Arts & Sciences school back then actually exceeded Wharton's, I recall. The same was true at NYU's business school, whch admitted well over 70% of applicants.</p>
<p>Many students were into "counterculture", of which business was the antithesis. Mainstream business was perceived as profiteering from the Vietnam war effort, while students were being sent to die. Also the goal was not to get a terminal undergraduate degree and graduate, therefore becoming eligible for the draft. It was to major in liberal arts and go on to graduate school, thereby obtaining a student deferment from the draft.</p>
<p>Not to diminish "Campaign for the Eighties" fundraising , I'm sure this was quite important. All three of these schools (Penn, Columbia, NYU) have had major fundraising initiatives over the years, and improved themselves no doubt. But so have countless other schools who have not risen nearly so much as these three have.</p>
<p>I don't think one should diminish the impact of the resurgence of interest in, and regard for, business, and particularly Wall Street, among the public at large, beginning in the late 70s- early 80s. And, in the case of the NYC schools, the rise in the City itself. I'm less familiar with the fortunes of the City of Philadelphia, so I can't comment there. IMO the health of these two NYC schools, as well as Penn which, though Wharton may not be a majority, is nevertheless highly associated with business and finance, is not completely unconnected with the health of the NYC financial district.</p>
<p>While it's true that at that time Penn was less selective than some 35+ other schools, including all seven of the schools it played sports against,
it was still, in the whole scheme of things, a highly regarded and selective institution despite these obstacles. A so-called "toilet of the Ivies" (your words, not mine) is still most people's garden spot.</p>