USA HISTORY

Detailed explanation-1: -The Marshall Plan was a U.S.-sponsored program designed to rehabilitate the economies of 17 western and southern European countries in order to create stable conditions in which democratic institutions could survive in the aftermath of World War II. It was formally called the European Recovery Program.

Detailed explanation-2: -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-3: -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-4: -Congress overwhelmingly passed the Economic Cooperation Act of 1948, and on April 3, 1948, President Truman signed the Act that became known as the Marshall Plan. Over the next 4 years, Congress appropriated $13.3 billion for European recovery.