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 Marshall Plan generated a resurgence of European industrialization and brought extensive investment into the region. It was also a stimulant to the U.S. economy by establishing markets for American goods.

Detailed explanation-3: -The Marshall Plan Speech To clarify the American position, a major address by Secretary of State George Marshall was planned. Marshall gave the address at Harvard University on June 5, 1947. He offered American aid to promote European recovery and reconstruction.

Detailed explanation-4: -Officially known as the European Recovery Program (ERP), the Marshall Plan was intended to rebuild the economies and spirits of western Europe, primarily. Marshall was convinced the key to restoration of political stability lay in the revitalization of national economies.

Detailed explanation-5: -The European Response Sixteen European countries responded by cooperating on a general reconstruction plan that was accepted by the United States. In the end, a total of $13.6 billion (equivalent to $88 billion in 1997 money) was appropriated to the plan.