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The Marshall Plan grants were provided at a rate that was not much higher in terms of flow than the previous UNRRA aid and represented less than 3% of the combined national income of the recipient countries between 1948 and 1951, [124] which would mean an increase in GDP growth of only 0.3%. [7]
The Economic Cooperation Administration (ECA) was a U.S. government agency set up in 1948 to administer the Marshall Plan. It reported to both the State Department and the Department of Commerce. The agency's first head was Paul G. Hoffman, a former leader of car manufacturer Studebaker; he was succeeded by William Chapman Foster in 1950. [1]
The Mutual Security Act of 1951 was the successor to the Mutual Defense Assistance Act and the Economic Cooperation Act of 1949, which administered the Marshall plan. It became law on 10 October 1951, and created a new, independent agency, the Mutual Security Administration, to supervise all foreign aid programs including military assistance ...
The wartime damage was extensive, and large reparations from defeated Germany did not happen. The United States helped revive the French economy with the Marshall Plan (1948–1951), giving France $2.3 billion with no repayment. France was the second largest recipient after Britain.
Further, the U.S. Marshall Plan (the European Recovery Plan) was aimed at reviving the economies of western Europe, including west Germany. To address French concerns, the International Authority for the Ruhr (IAR) was announced at the London Six-Power Conference in June 1948 as part of the plan to establish the Federal Republic of Germany. [10]
The largest aid programs of the post-war period were the Marshall Plan of 1948 and the Mutual Security Act of 1951–1961. Quantitatively, the United States spends the most on foreign aid of any country; however, as a percent of GDP, American foreign aid spending ranks near the bottom compared to other developed countries. [5]
After witnessing the misery in Gaza, physician Zaher Sahloul calls for a massive, international rebuilding effort there on par with the post-WWII Marshall Plan. Opinion: Half measures won’t work ...
The Act followed Truman's signing of the Economic Cooperation Act (the Marshall Plan), on April 3, 1948, which provided non-military, economic reconstruction and development aid to Europe. The 1949 Act was amended and reauthorized on July 26, 1950. [4]