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We argue, however, that the Marshall Plan did play a major role in setting the stage for post-World War II Western Europe's rapid growth. The conditions attached to Marshall Plan aid pushed European political economy in a direction that left its post World War II "mixed economies" with more "market" and less "controls" in the mix.
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 ...
[1] [2] For U.S. foreign policy, it was the first U.S. military foreign aid legislation of the Cold War era, and initially to Europe. [3] The Act followed Truman's signing of the Economic Cooperation Act (the Marshall Plan), on April 3, 1948, which provided non-military, economic reconstruction and development aid to Europe.
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 Marshall Plan helped European economies recover in the late 1940s and early 1950s. By 1952, industrial productivity had increased by 35 percent compared to 1938 levels. The Marshall Plan also provided critical psychological reassurance to many Europeans, restoring optimism to a war-torn continent.
The Marshall Plan, known as the Economic Cooperation Act, was passed by the U.S. Congress in 1948 to help rebuild Western Europe in the wake of World War Two, partly out of fear of Communist ...
Clayton strongly supported American economic aid to rebuild Europe after World War II and had a major role in shaping the Marshall Plan in 1947. After returning from a meeting at the United Nations Economic Commission for Europe in Geneva in May, Clayton wrote a memo to George Marshall, "The European Crisis," in which he argued that U.S ...
An additional $3.2 billion – which did not have to be repaid – came from the American Marshall Plan in 1948–52. However the Plan did require Britain to modernise its business practices and remove trade barriers. Britain was an enthusiastic supporter of the Marshall Plan and used it as a lever to more directly promote European unity. [14]