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Jun 29, 2022 · 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.
The Truman Doctrine demonstrated that the United States would not return to isolationism after World War II, but rather take an active role in world affairs. To help rebuild after the war, the United States pledged $13 billion of aid to Europe in the Marshall Plan.
Marshall Plan, (1948–51)U.S.-sponsored program to provide economic aid to European countries after World War II. The idea of a European self-help plan financed by the U.S. was proposed by George Marshall in 1947 and was authorized by Congress as the European Recovery Program.
Some in Congress argued that rather than combating communism, the Marshall Plan was “a socialist blueprint” itself, threatening to waste money on other nations rather than build up the United States’ own defenses. The cost of supporting Europe would also come at the price of inflation and higher taxes.
The Marshall Plan formed the greatest voluntary transfer of resources from one country to another known to history. Technically known as the European Recovery Program, the plan was passed by the U.S. Congress with a decisive majority and was signed by President Truman on April 3, 1948--just in time to influence the Italian election in that year.
Due to the slow progress of Europe’s economic development following WWII, Truman devised another plan to offer aid called the Marshall Plan. The plan was named after Secretary of State George Marshall due to Truman’s respect for his military achievements.
Mar 9, 2017 · Credited with preventing famine and political chaos, the plan later earned General Marshall a Nobel Peace Prize. Shown here are the first and last pages of the resulting law, most commonly known as the Marshall Plan.
