WORLD HISTORY

Detailed explanation-1: -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: -Western Europe and Asia were rebuilt through the American Marshall Plan, whereas Central and Eastern Europe fell under the Soviet sphere of influence and eventually behind an “Iron Curtain". Europe was divided into a US-led Western Bloc and a USSR-led Eastern Bloc.

Detailed explanation-3: -Marshall Plan, formally European Recovery Program, (April 1948–December 1951), 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.

Detailed explanation-4: -Because so much had been destroyed during the war, many European countries were heavily in debt to the United States and could not afford to rebuild. There were shortages of food and raw materials; thousands of refugees were still homeless. Due to these difficulties, there were almost no jobs and unemployment was high.

Detailed explanation-5: -President Harry Truman signed the Marshall Plan on April 3, 1948, granting $5 billion in aid to 16 European nations.

Detailed explanation-6: -That a Europe more prosperous than ever would emerge from this apocalypse astonished the world. Most economies shattered by war returned to pre-war levels of output within five years.