USA HISTORY

Detailed explanation-1: -On April 3, 1948, President Truman signed the Economic Recovery Act of 1948. It became known as the Marshall Plan, named for Secretary of State George Marshall, who in 1947 proposed that the United States provide economic assistance to restore the economic infrastructure of postwar Europe.

Detailed explanation-2: -Historians have generally agreed that the Marshall Plan contributed to reviving the Western European economies by controlling inflation, reviving trade and restoring production. It also helped rebuild infrastructure through the local currency counterpart funds.

Detailed explanation-3: -Aid to Europe From 1945 through 1947, the United States was already assisting European economic recovery with direct financial aid. Military assistance to Greece and Turkey was being given. The newly formed United Nations was providing humanitarian assistance.

Detailed explanation-4: -This left the following countries to participate in the plan: Austria, Belgium, Denmark, France, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Sweden, Switzerland, Turkey, the United Kingdom, and western Germany.

Detailed explanation-5: -During the next four years, the United States provided over $13 billion in aid to 16 Western European nations, including West Germany. (That is more than $100 billion in today’s dollars.) increase industrial and agricultural production by rapidly rebuilding factories, railroad, bridges, etc.