On June 5, 1947 a speech was given to the graduating class of Harvard University by Secretary of State George C. Marshall. In the speech Marshall called for a program to help rebuild Europe after the economical damages it faced from World War II.
Expedited by the Fear of communist expansion into economically weakened countries, Congress passed the Economic Cooperation Act in March of 1948. The Economic Cooperation Act approved funding that would rise to $12 billion in the effort to rebuild Western Europe.
The Marshall Plan effectively jump started European industrialization and helped promote trade throughout Western Europe. Although the relief provided by the Marshall Plan was crucial to Western European recovery, the Marshall Plan was arguably more beneficial for the United States.
With stimulation provided by the U.S. government, the U.S. secured Western Europe as an economic front, priming their economy to be beneficial trade and investment wise. On top of the economic security the support from the United States ensured that Western Europe's economy would remain capitalist based rather than deferring to communist control.
In the end the Marshall Plan not only bailed out the economically suffering Western Europe, but it managed to prevent the spread of communism all while promoting American Capitalism.
Expedited by the Fear of communist expansion into economically weakened countries, Congress passed the Economic Cooperation Act in March of 1948. The Economic Cooperation Act approved funding that would rise to $12 billion in the effort to rebuild Western Europe.
The Marshall Plan effectively jump started European industrialization and helped promote trade throughout Western Europe. Although the relief provided by the Marshall Plan was crucial to Western European recovery, the Marshall Plan was arguably more beneficial for the United States.
With stimulation provided by the U.S. government, the U.S. secured Western Europe as an economic front, priming their economy to be beneficial trade and investment wise. On top of the economic security the support from the United States ensured that Western Europe's economy would remain capitalist based rather than deferring to communist control.
In the end the Marshall Plan not only bailed out the economically suffering Western Europe, but it managed to prevent the spread of communism all while promoting American Capitalism.