About

S. Secretary of State George C. Marshall in 1947 to provide economic aid to European countries devastated by World War II. The program aimed to rebuild war-torn Europe and prevent the spread of communism by promoting economic recovery and stability. It offered financial assistance to 16 European nations, providing funds for infrastructure development, food, fuel, and machinery. The aid was conditional on recipient countries cooperating with each other and implementing reforms to foster economic growth. Over the course of four years, $13 billion (equivalent to $150 billion today) was allocated, resulting in significant improvements in living standards, industrial production, and trade. The Marshall Plan is widely recognized as a major factor in Europe's recovery from the war and the subsequent economic boom, establishing the United States as a global superpower and solidifying its influence in Europe.