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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 Mutual Security Act of 1951 launched a major American foreign aid program, 1951–61, of grants to numerous countries. It largely replaced the Marshall Plan. The main goal was to help underdeveloped US-allied countries develop and to contain the spread of communism. It was signed on October 10, 1951, by President Harry S. Truman. [1]
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 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.
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]
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]
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.
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 ...