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: -The Soviet Union’s alternative to the Marshall plan, purported to involve Soviet subsidies and trade with central and eastern Europe, became known as the Molotov Plan (later institutionalized in January 1949 as the COMECON).

Detailed explanation-3: -The Marshall Plan, also known as the European Recovery Program, was a U.S. program providing aid to Western Europe following the devastation of World War II. It was enacted in 1948 and provided more than $15 billion to help finance rebuilding efforts on the continent. The brainchild of U.S. Secretary of State George C.

Detailed explanation-4: -Rather, Soviet rejection of the Marshall Plan was the natural response of a noncapitalist state trying to avoid integration into the capitalist world economy, and the subordination to the industrialized West which such integration would imply.

Detailed explanation-5: -Soviet foreign minister Vyacheslav Molotov rejected the Marshall Plan (1947), proposing instead the Molotov Plan-the Soviet-sponsored economic grouping which was eventually expanded to become the Comecon.