WORLD 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 was more than an economic plan. The Secretary of State thought that the cooperation of all European nations would lead to greater unity. The foundation of the plan led to the creation of The North Atlantic Treaty Organization (NATO) as a defensive alliance against any future aggressors.

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.

Detailed explanation-4: -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-5: -Cooperation for Recovery: The Marshall Plan In his historic speech at Harvard’s graduation ceremony in June 1947, George Marshall announced the U.S. plan to give additional economic aid to Europe. The offer was made to all of Europe, including the U.S. wartime enemies and the Communist countries of Eastern Europe.