[18] The Marshall Plan was replaced by the Mutual Security Plan at the end of 1951; that new plan gave away about $7.5 billion annually until 1961 when it was replaced by another program. nation was suppressed and in fear of him. The productivity of Europe cannot be restored without the restoration of Germany as a contributor to that productivity. The Marshall Plan was the population name for the European Recovery Program (ERP), a massive program of foreign aid rolled out by the United States between 1948 and 1951. Many citiesincluding the industrial and cultural centers of London, Dresden, Berlin, Cologne, Liverpool, Birmingham and Hamburghad been partly or wholly destroyed. The upper-bound welfare loss for 1947-55 is 26 per cent of GDP. The $17 billion was in the context of a US GDP of $258 billion in 1948, and on top of $17 billion in American aid to Europe between the end of the war and the start of the Plan that is counted separately from the Marshall Plan. Direct link to joicewhx's post OK, very good question. . In 1997 it was worth DM 23 billion. However, by 1950, American rearmament and heavy spending on the Korean War and Cold War finally ended the dollar shortage. Aid was initially offered to almost all European countries, but later some withdrew under the influence of the Soviet Union. To stabilize the European economy, US Secretary of State George C. Marshall proposed a plan to provide Europe with $13 billion in economic aid. The Marshall Plan gave another $13 billion, equivalent to about $100 billion in 2010 value. The 20-member conservative isolationist Senate wing of the party, based in the rural Midwest and led by Senator Kenneth S. Wherry (R-Nebraska), was outmaneuvered by the emerging internationalist wing, led by Senator Arthur H. Vandenberg (R-Michigan). Direct link to Jeff Kelman's post How come instead of the p, Posted 7 years ago. However, in 1948 Tito broke decisively with Stalin on other issues. The US also helped to improve technology and manufacturing techniques in a number of European countries. Many argue that the structural adjustments that it forced were of great importance. American Republicans hostile to the plan had also gained seats in the 1950 Congressional elections, and conservative opposition to the plan was revived. The currency reform in 1948 was headed by the military government and helped Germany to restore stability by encouraging production. Equal pay for everyone sounds like an amazing thing to me. [93][94][95] With respect to Austria, Gnter Bischof has noted that "the Austrian economy, injected with an overabundance of European Recovery Program funds, produced "miracle" growth figures that matched and at times surpassed the German ones. Despite Allied protests, Franco aided the Axis Powers by sending the Blue Division to the Soviet Union and seizing. Spain The only country in Western Europe not to receive help under the Marshall Plan. an agenda that involves promoting open markets, international institutions, cooperative security, democratic . [22] The Marshall Plan was one of the first elements of European integration, as it erased trade barriers and set up institutions to coordinate the economy on a continental levelthat is, it stimulated the total political reconstruction of Western Europe.[23]. Did Spain benefit from the Marshall Plan? Winston Churchill said that the Marshall Plan was the most unsordid act in history. The Marshall Plan was an American foreign aid initiative in the aftermath of WW II to restore Western European economies. The recipient nations were represented collectively by the Organisation for Economic Co-operation and Development (OECD), headed by British statesman Oliver Franks. If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. The next highest contributions went to France (18%) and West Germany (11%). In 1947 U.S. Secretary of State George C. Marshall, for whom the Marshall Plan is named, advanced the idea of a European self-help program to be financed by the United States, saying that "Europes requirements for the next three or four yearsare so much greater than her present ability to pay that she must have substantial additional help or face deterioration of a very grave character.". The Benelux countries (Belgium, Netherlands, and Luxembourg), despite also suffering under the Nazis, had long been closely linked to the German economy and felt their prosperity depended on its revival. A Gallup Poll taken between the months of July and December 1947 shows the percentage of Americans unaware of the Marshall Plan fell from 51% to 36% nationwide.

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