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: -Marshall, for whom it was named, it was crafted as a four-year plan to reconstruct cities, industries and infrastructure heavily damaged during the war and to remove trade barriers between European neighbors-as well as foster commerce between those countries and the United States.

Detailed explanation-3: -The purpose of the Marshall Plan was to aid in the economic recovery of nations after World War II and secure US geopolitical influence over Western Europe. To combat the effects of the Marshall Plan, the USSR developed its own economic recovery program, known as the Molotov Plan.

Detailed explanation-4: -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-5: -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.