The Marshall Plan
The US Economic Recovery Act of 1948, known as the Marshall Plan, was intended to aid European recovery after World War II. After the war, European cities were in ruins and its economies wrecked with fear of famine widespread. In 1947 US Secretary of State George Marshall proposed that the USA provide economic assistance to western Europe. As well as aiding recovery and stability in Europe, the Plan provided markets for US goods and helped to prevent Soviet dominance in the region.
Between 1948-52, the USA provided $13.3 billion in aid, 90% in grants, 10% in loans. In 1953 George Marshall was awarded the Nobel Peace Prize for ‘proposing and supervising the plan for the economic recovery of Europe.’