The EUP was led by St. John's businessman Chesley Crosbie and "co-founded" by Geoff Stirling, publisher of The Sunday Herald.
Its economic ideas, though popular with the St. John's business community, failed to generate interest in the general population.
The split of the anti-Confederation forces into two organizations caused problems: tension between the EUP and the RGL, and wasteful division of resources.
The Economic Union Party decided to unite its efforts with the Responsible Government League for the second referendum, but morale was poor and the campaign was disorganized, compared to Smallwood's well-run machine.
Crosbie died in 1962 and Stirling remained active, through his media holdings, in Canadian discourse until shortly before his death in 2013.