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The Marshall Plan, just as GARIOA, consisted of aid both in the form of grants and in the form of loans. [113] Out of the total, US$1.2 billion were loan-aid. [114] Ireland which received US$146.2 million through the Marshall Plan, received US$128.2 million as loans, and the remaining US$18 million as grants. [115]
George C. Marshall. On 5 June 1947, George C. Marshall, at the time Secretary of State of the United States of America, gave an address at Harvard University in Cambridge, Massachusetts, where he proposed a plan to aid European recovery after the events of World War II, in the form of financial and economic assistance from the United States.
The welfare definition of economics is an attempt by Alfred Marshall, a pioneer of neoclassical economics, to redefine his field of study. This definition expands the field of economic science to a larger study of humanity. Specifically, Marshall's view is that economics studies all the actions that people take in order to achieve economic welfare.
The Economic Cooperation Administration (ECA) was a U.S. government agency set up in 1948 to administer the Marshall Plan. It reported to both the State Department and the Department of Commerce. The agency's first head was Paul G. Hoffman, a former leader of car manufacturer Studebaker; he was succeeded by William Chapman Foster in 1950. [1]
The Marshall Plan also provided critical psychological reassurance to many Europeans, restoring optimism to a war-torn continent. Though European countries did not adopt American economic structures and ideas to the degree hoped for by some Americans, they remained firmly rooted in mixed economic systems .
The investment of these funds can take the form of loans rather than grants, creating a permanent pool of investment capital. For instance, Germany's Marshall Plan counterpart funds were used to set up such an investment fund, and it is still in operation today.
The Mutual Security Act of 1951 was the successor to the Mutual Defense Assistance Act and the Economic Cooperation Act of 1949, which administered the Marshall plan. It became law on 10 October 1951, and created a new, independent agency, the Mutual Security Administration, to supervise all foreign aid programs including military assistance ...
The Committee for the Marshall Plan, also known as Citizens' Committee for the Marshall Plan to Aid European Recovery, was a short-term organization established to promote passage of the European Recovery Program known as the Marshall Plan – which "fronted for a State Department legally barred from engaging in propaganda."