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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.
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.
Further, the U.S. Marshall Plan (the European Recovery Plan) was aimed at reviving the economies of western Europe, including west Germany. To address French concerns, the International Authority for the Ruhr (IAR) was announced at the London Six-Power Conference in June 1948 as part of the plan to establish the Federal Republic of Germany. [10]
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.
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 ...
The speech, written by journalist Herbert Bayard Swope, [4] proclaimed, "we are today in the midst of a cold war." [5] Newspaper columnist Walter Lippmann gave the term wide currency with his book The Cold War. When asked in 1947 about the source of the term, Lippmann traced it to a French term from the 1930s, la guerre froide. [6] [B]
[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.
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 ...