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 gave more than $13 billion in aid to European nations-including its World War II enemies, Germany and Italy-and was crucial in revitalizing their post-war economies. By the time U.S. funding ended, in 1951, the economies of all the European recipients had surpassed prewar levels.

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: -Truman pledged that the United States would help any nation resist communism in order to prevent its spread. His policy of containment is known as the Truman Doctrine.

Detailed explanation-5: -European nations received nearly $13 billion in aid, which initially resulted in shipments of food, staples, fuel and machinery from the United States and later resulted in investment in industrial capacity in Europe. Marshall Plan funding ended in 1951.