How much money did the Marshall Plan provide to Europe?
The United States transferred $13.3 billion to 17 European countries under the Marshall Plan between 1948 and 1952. During the four years the plan was in effect, the United States donated $17 billion in economic and technical assistance to countries that joined the Organisation for European Economic Co-operation.
Which country received the most Marshall Plan aid?
The United Kingdom received the most Marshall Plan money, about 26% of the total. France received the next highest share at 18%, followed by West Germany at 11%.
Why did the Soviet Union reject the Marshall Plan?
Stalin initially considered participation but changed position when he learned that aid would be extended only under conditions of economic cooperation and that it would go to all of Germany, not just the western zones. He concluded that accepting would allow a degree of US control over communist economies and hamper Soviet influence in western Germany.
When did President Truman sign the Marshall Plan into law?
President Harry Truman signed the Economic Cooperation Act, the formal name for the Marshall Plan, on the 3rd of April, 1948. The act established the Economic Cooperation Administration to administer the program, headed by businessman Paul G. Hoffman.
What did the Marshall Plan accomplish for European economies?
By 1952, the economy of every participant state had surpassed prewar levels, with output in 1951 at least 35% higher than in 1938 for all recipients. Industrial production across the participating countries increased 35% during the plan's four years, and Western Europe went on to experience two decades of unprecedented growth.
What was the Marshall Plan's role in European political integration?
The Marshall Plan erased trade barriers and set up institutions to coordinate the economy at a continental level, stimulating the political reconstruction of Western Europe. The Organisation for European Economic Co-operation it established served as a testing and training ground for the structures that later became the European Economic Community.