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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.
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 proved enormously successful, helping to rehabilitate European nations that accepted the aid.
American leaders, particularly Acheson, diplomat and director of policy planning for the State Department George Kennan, Marshall, and President Harry Truman feared that parties and organizations backed by the Soviet Union could ascend to power in the vulnerable European nations.
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.
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.
Oct 30, 1997 · 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.
Mar 9, 2017 · On June 5, 1947, in a commencement address at Harvard University, Secretary of State George C. Marshall first called for American assistance in restoring the economic infrastructure of Europe. Western Europe responded favorably, and the Truman administration proposed legislation.
