The Marshall Plan was a proposal by President Truman to offer assistance to countries that suffered from the World War II aftermath and were under threat from the Soviet Union. The plan was named after George Marshal who was the Secretary of State during that period.
The plan involved an aid offer that amounted to $13 billion in direct investment to the war-torn countries in Europe. The aim of the plan was to assist postwar Europe to stabilize and assist it to restore its agricultural and industrial production.
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The plan was initiated on April 19, 1947 under a recovery plan for Europe. There were high tensions between the U.S and the Soviet Union after World War II. A stalemate emerged in which both countries held opposing ideas regarding the postwar world. The Soviet Union focused on expanding its power into Eastern Europe whereas the United States was concerned that the Soviet Union planned to rule the world and spread Communism ideas. Truman, thus, proposed to assist European countries to shield them from this threat and to help them recover.
The Marshall Plan targeted 17 war tone European countries, including both Italy and Germany. The plan was devised because of the slow economic development of Europe after the Second World War. The main objective of the plan was to restore Europe’s production to promote peace and democracy that were threatened by the Soviet Union expansion. The other objective was to support international trade to benefit the United States people through business deals.
The plan was significant because it ensured the rapid development of Europe within a short period, contributed to the formation of the North Atlantic Trade Organization, and hindered the spread of Russian influence and communism across Europe.
