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The Marshall Plan was implemented in West Germany (1948–1950), as a way to modernize business procedures and utilize the best practices. As a major prerequisite for delivery of aid, the Currency Reform of 1948 was implemented on June 20.
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 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.
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.
Compared to America's 1948 GDP of $258 billion and total Marshall plan expenditure (1948-1952) of $13 billion, of which Germany received $1 billion in loans and $400 million as a grant). The US competitors of German firms were encouraged by the occupation authorities to access all records and facilities. [32]
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 ...
The Marshall Plan for the rebuilding of Europe is most credited for reconciliation, though the immediate post-war situations was more complicated. In 1948 the Marshall Plan pumped over $12 billion to rebuild and modernize Western Europe.
The idea of controlling the Ruhr originated in the Versailles Conference and the Reparation Conferences following World War I. [2]: 346, 357 After World War II, the region became part of the British occupation zone. France proposed the separation of the Ruhr from the rest of Germany, and control of the Ruhr by an international regime but the ...