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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 ...
See Marshall Plan On March 13, 1948, the Marshall Plan passed both the United States Senate (71:19) and House (333:78). On April 1, 1948, the plan went to joint conference committee; on April 2, 1948, it passed both the House and Senate. On April 3, 1948, US President Harry S. Truman signed the bill into law. In 1951 the Marshall Plan was ...
Marshall Plan expenditures by country. The Marshall Plan was launched by the United States in 1947–48 to replace numerous ad hoc loan and grant programs, with a unified, long-range plan to help restore the European economy, modernize it, remove internal tariffs and barriers, and encourage European collaboration. It was funded by the ...
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.
Haitians deserve the freedom, dignity and respect that comes with a secure and prosperous nation.
Paul Gray Hoffman (April 26, 1891 – October 8, 1974) was an American automobile company executive, statesman, and global development aid administrator. He was the first administrator of the Economic Cooperation Administration, where he led the implementation of the Marshall Plan from 1948 to 1950.