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: -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-3: -During the next four years, the United States provided over $13 billion in aid to 16 Western European nations, including West Germany. (That is more than $100 billion in today’s dollars.) increase industrial and agricultural production by rapidly rebuilding factories, railroad, bridges, etc.

Detailed explanation-4: -The Marshall Plan-launched in a speech delivered by Secretary of State George Marshall on June 5, 1947-is considered by many to have been the most effective ever of U.S. foreign aid programs.

Detailed explanation-5: -It provided the Europeans with currency to buy US goods; it allowed rapid recovery and it provided a bulwark against the Communist parties of western Europe. The plan provided the conditions for rapid recovery, for both winners like Britain, and losers: Germany Italy and Japan.